PTT Oil and Retail Business Plc (OR) remains optimistic about a better business performance during the remainder of this year, driven by growing tourism despite a drop in revenue for the energy business during the first quarter. Total sales and services decreased by 7.6% year-on-year to 178 billion baht in value for the company.
Wilaiwan Kanjanakanti, vice-president for finance at OR, attributed the decline to lower sales in the company's mobility business, which includes fuels and energy solution services, though the average selling price increased. Fuel sales decreased by 7.5% year-on-year to 6.
48 trillion litres. A drop in diesel sales was not offset by a significant gain in jet fuel sales, as tourism activities increased, she said. The sales were in line with overall fuel consumption in Thailand from January to March.
Jet fuel usage soared by 19.1% year-on-year during the period while consumption of gasoline and gasohol decreased by 0.2% year-on-year, partly resulting from the end of excise tax cuts and the price subsidy programme on Jan 31, according to the Department of Energy Business.
Total demand for diesel in the country decreased by 6.9% year-on-year, down from 76.4 million litres per day in the first quarter of last year when power companies used diesel for electricity generation as a substitute for expensive liquefied natural gas imports.
Pitirat Rattanachote, OR's vice-president for investor relations, expects the company's revenue to increase later this year du.
