Listed energy companies' first-quarter net profit rose marginally to Bt44.23 billion, from Bt43.09 billion in the same period last year.

Siam City Securities analyst Sutthichai Kumworachai said refinery firms enjoyed a combined net profit of Bt7.68 billion, up 11 per cent year on year and 323 per cent quarter on quarter.

The euphoria for refineries is expected to last long into the present quarter, due to higher demand for petrol and the temporary shut-down of some Asian refining plants.

He forecast the gross refining margin (GRM) this quarter would stay at the high level of US$9.61 (Bt332) per barrel, up 41 per cent quarter on quarter.

However, the GRM will tend to weaken in the second half of the year.

Strong performance by energy shares will give the entire stock exchange a major boost, because the energy sector's market capitalisation accounts for 30 per cent of the total.

While the first-quarter earnings of Asian Insulator, Siam United Service, Lanna Resources and Picnic were unavailable at press time, Banpu was the best performer among those who have announced their results.

Banpu posted a net profit of Bt1.19 billion, up 59.48 per cent from Bt746.17 million in the same period last year.

Thanks to a high refining margin, Thai Oil chalked up a 42.22-per-cent year-on-year rise in its first-quarter net profit, from Bt4.05 billion to Bt5.76 billion.

IRPC saw its quarterly net profits jump to Bt3.52 billion, from Bt2.76 billion in the same period last year.

Electricity Generating's first-quarter net profit rose from Bt2.07 billion to Bt2.54 billion. Ratchaburi Electricity Generating Holding also saw a jump in its first-quarter net profit to Bt2.05 billion, from 1.93 billion in the same period last year.

However, PTT, Thailand's largest oil and gas firm, announced its first-quarter net profit fell to Bt22.56 billion, from Bt23.72 billion in the same period last year.

PTT Exploration and Production - PTT's flagship firm - also reported a decline in its first-quarter net profit to Bt4.51 billion, from Bt4.76 billion in the same period last year.

Rayong Refinery's first-quarter net profit fell from Bt2.33 billion in the same period last year to Bt1.97 billion.

Ekarat Engineering was the worst performer, posting a net loss of Bt7.25 million against a profit of Bt3.85 million in the same period last year.

Bangchak Petroleum reported a net loss of Bt 41.9 million in the first quarter, compared with a Bt514.37-million net profit in the same period last year.

Solartron suffered a loss of Bt8.91 million in the first quarter, compared with a net profit of Bt32.47-million in the same period last year.

Siriporn Chanjindamanee

The Nation