Thai Oil returns to net profit in Q3

BANGKOK, Nov 6 - Thai Oil PCL <TOP.BK>, the country's top oil refiner, reported a net profit in the third quarter on Friday, turning round from a net loss a year earlier, due to an absence of inventory losses this time.

Thai Oil, nearly half-owned by energy company PTT PCL <PTT.BK>, reported a net profit of 1.98 billion baht ($59.30 million), or 0.97 baht per share, versus a 5.8 billion baht loss a year earlier.

Ten analysts surveyed by Reuters had on average forecast a net profit of 1.68 billion baht for the July-September quarter.

Earnings fell 68 percent from 6.12 billion baht in the previous quarter, mainly due to a fall in gross refining margin, with no large stock gain.

Thai Oil operates a 275,000 barrel-per-day refinery and a paraxylene petrochemical plant. The refinery business contributes about 50 percent of Thai Oil's profit, while 30 percent comes from petrochemicals and the rest from its power and lubricant businesses. ($1= 33.39 Baht)