BANGKOK, (NNT) – The global economic slowdown and trade war have caused fluctuations in energy prices. In response, PTT Public Company Limited has allocated some 30 billion baht, to invest in newer forms of energy in the Eastern Economic Corridor (EEC), while the company’s profit in 2019’s first half was reduce by higher oil prices.
PTT President Chansin Treenuchgorn has revealed the company’s financial report on the first six months of 2019, saying that the company’s revenue had increased by 9.44 billion baht year-on-year, making the company’s gross revenue 1.12 trillion baht.
The company has 55.25 billion baht profit after subtracting operational costs, which is less than the previous year by 21 percent, at 14.57 billion baht, due to higher oil pricing which is still on average below last year, effects from the trade war, and economic slowdown.
The company has made adjustments to its investment portfolio by expediting new investments, and cutting down on unnecessary spending.
In the latter half of this year, the company has investment plans in the Eastern Economic Corridor (EEC) and with startup businesses of 200 billion baht, as well as investments in Map Ta Phut industrial park and Laem Chabang port in Q4, 2019 with a 30 billion baht gross investment budget.
The company wants to make long-term investments in newer, more environmentally friendly projects such as Smart City, clean energy, and battery development for 10 years.
It is expected that oil prices in the latter half of 2019 will be between 65-68 USD per barrel.
Large Shopping Malls in Bangkok Will Be Closed until July 25th
Shopping malls under the Mall Group, including all branches of The Mall, the Emporium, Emquartier and Paragon Department Store, are also closed for 14 days, from today, except for supermarkets, food courts, pharmacy shops, eateries (take-out and delivery only), banks, mobile phone shops and vaccination sites.
Downside risks loom for Thai economy due to Prolonged COVID-19 Outbreak
The most important issue for the Thai economy at present would be the procurement and distribution of appropriate vaccines adequately and timely.
The Bank of Thailand (BoT) has revealed that Thailand’s economy faces significant downside risks, because a prolonged COVID-19 outbreak could cause the economy to underperform the baseline projection, squeezing business liquidity and slowing employment.(more…)
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