TOP’s Profit Plunge 40% to ฿4.5bln. in 3Q from Lower Gross Refinery Margin

TOP’s 3Q18 profit was ฿4.558 million, decreased 40% YoY from ฿7,605 million, while the nine months profit also decreased by 16.56% from ฿17,929 million to ฿14,961 million.

Thai Oil Public Company Limited (TOP) has reported its 3Q18 consolidated financial statement through the Stock Exchange of Thailand as follows:

TOP’s 3Q18 profit was ฿4.558 million, decreased 40% YoY from ฿7,605 million, while the  nine months profit also decreased by 16.56% from ฿17,929 million to ฿14,961 million.

 

Thaioil and Subsidiaries recorded GIM excluding stock gain/(loss) reduced by 3.0 US$/bbl as a consequence of lower gross refinery margin, which was pressured by the considerable increases in crude oil price and crude premium together with the decrease in gasoline spread owing to ample supply.

Moreover, lube base oil spread over fuel oil declined. Additionally, Thaioil and Subsidiaries reported a drop in stock gain of 1.1 US$/bbl or ฿1,090 million. Thaioil and Subsidiaries, therefore, had a dip in GIM including stock gain/(loss) of 4.1 US$/bbl. Besides, Thaioil and Subsidiaries recorded higher net hedging loss of ฿120 million and then posted EBITDA and net profit decreased by ฿3,859 million and ฿3,047 million from Q3/17, respectively.

 

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