ESSO Returns to Gains a Profit of ฿2.7Bn in 1Q, Driven by a Decline in Admin Expenses
In the first quarter of 2021, a net profit was 2,788 million baht, recovering from a net loss of 6,307 million in 1Q20.
Esso (Thailand) Public Company Limited (ESSO) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
In the first quarter of 2021, profit from sales was Baht 3,467 million, compared to a loss of Baht 7,922 million in the same period last year. Meanwhile a net profit was 2,788 million baht, recovering from a net loss of 6,307 million in 1Q20.
Revenue from sales for the first quarter of 2021 was lower than the same period last year, mainly due to lower fuel demand from COVID-19 pandemic, partially offset by higher price. In response to COVID-19 impact to economics, the company continued to focus on cost saving and still managed selling and admin expenses in the first quarter of 2021 with 15% reduction from the same period last year.
The Downstream segment made a profit of Baht 3,329 million, primarily driven by favorable inventory effects. The Petrochemical segment had profits of Baht 138 million reflecting higher paraxylene margins than the same period of last year due to demand-supply imbalance in the region during the period.