TOP’s 1Q Profit Plunges 21% to ฿4.4bn. as GIM Declines

Thai Oil Public Company Limited (TOP) has reported its 1Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

TOP has reported a net profit in 1Q19 of THB 4,408 million, decreased 21.39% from THB 5,607 million in the first quarter of 2018. TOP’s sale revenue increased by THB 90 million but GIM excluding stock gain declined by 3.0 US$/bbl. This was because of lower GRM from decreased petroleum product spreads, particularly gasoline spread which substantially dropped due to surplus supply, as well as considerably declined lube base oil spread over fuel oil due to increasing Asian supply despite an improvement in PX spread over ULG95. Therefore, TOP posted a decrease in EBITDA of Baht 470 million.

Moreover, TOP’s net foreign exchange gain reduced by THB 818 million and had finance costs increased by THB 465 million. Offsetting with depreciation and income tax expense,