A Stock Loss of ฿1.3bn Drags TOP from a Gainer to Book a Net Loss of ฿683mn

A Stock Loss of ฿1.3bn Drags TOP from a Gainer to Book a Net Loss of 683 million baht.

Thai Oil Public Company Limited (TOP) has reported its 3Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

 

TOP recorded a net loss of 683 million baht in 3Q19, compared with a net profit of 4,558 million in 3Q19.

TOP reported a stock loss of 1.8 US$/bbl or 1,373 million baht, compared to a stock loss of 138 million baht in 3Q19. Compared 3Q19 with 3Q18, TOP had sales revenue decreased by Baht 18,391 million due to planned major turnarounds since mid-June 2019 to late-July 2019 and decreases in product selling prices.

GIM excluding stock gain/ (loss) declined by 2.1 US$/bbl from lower aromatics spreads because of surplus supply in the market following a start-up of a new Chinese aromatic plant in 2Q19 as well as lower GRM because of higher Cude Premium.

Altogether with stock loss from lower crude oil price, TOP posted a drop in GIM including stock gain/ (loss) of 5.4 US$/bbl. Altogether with net derivative gain on hedging instruments and major turnaround costs, TOP reported declines in EBITDA and net profit by 6,179 million baht and 5,241 million baht from 3Q19, respectively.

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