Café Amazon in Cambodia, operated by OR.
PTT Oil and Retail Business Plc (OR), Thailand's largest oil trader by volume, expects a minor impact to its financial performance this year after shuttering parts of its oil and non-oil operations in Cambodia amid ongoing border tensions.Wilaiwan Kanjanakanti, senior executive vice-president for finance and chief financial officer at OR, said the conflict between Thailand and Cambodia had little effect on the company's first-quarter results.
The two countries have long-standing disputes over the border, which escalated last year into deadly clashes before a ceasefire was reached. Media reports of alleged renewed provocations by Cambodian military officers have since heightened tensions.
ML Peekthong Thongyai, chief executive of OR, announced late last year that the company would scale back investments in Cambodia after sales plunged by 50-60% year-on-year.
Cambodia's contribution to OR's net profit is relatively small, accounting for just 2-3% of overall earnings. Still, the unrest led to a sharp decline in Thai product sales and a reduction in the number of OR-operated outlets.
