By P.R. Venkat

PTT Exploration & Production PCL's net profit fell 69% in the second quarter as low oil prices weighed on its sales volumes and product selling prices.

Net profit was $134 million, while total revenue dropped 30% from a year earlier to $1.1 billion, the company said Thursday.

Global restrictions due to Covid-19 pushed oil prices to historic lows in April as demand for travel, consumption and business activities slumped.

"Even though the demand for crude oil has improved after the easing of lockdown restrictions in many countries, the concerns over possible second wave of Covid-19 have risen," the company said.

PTT said the oil market is expected to continue its gradual recovery in the second half from the depths of the Covid-19 crisis hit in April and May.

"Therefore, it may take some time until 2021 for oil demand to reach pre-Covid-19 level," the company said.

PTT has already cut its 2020 expenditure target by around 15%-20% to cope with the crisis.

Write to P.R. Venkat at venkat.pr@wsj.com