IRPC Public Company Limited (IRPC) has reported its 2Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;
IRPC reported a net loss of 411 million baht for 2Q20, decreased from a net profit of 507 million baht in 2Q19, but improved from the net loss of Baht 8,905 million in 1Q20.
When compared to the second quarter of 2019, the company’s net sales dropped by Baht 27,332 million or 47%, attributed to a 36% decrease in average selling price as well as 11% decrease in sales volume. The net stock gain also decreased by Baht 402 million, which led to the lower of accounting GIM by Baht 1,162 million or 20%, YoY. On the other hand, the operating expenses dropped by Baht 498 million or 13% consequent to the lower EBITDA by Baht 799 million or 35%, YoY.
In the second quarter of 2020, IRPC’s net sales were Baht 30,370 million, decreasing 30% from the first quarter of 2020, QoQ, including a 27% decrease in average selling price following the volatility of crude oil price and a 3% decrease in sales volume. The average crude intake was 189,000 barrels per day, similar to those of 1Q20.
The company had a net stock gain of Baht 89 million or USD 0.17 per barrel, including the reversal of LCM amounting to Baht 2,835 million and oil hedging gain of Baht 644 million offset with the stock loss of Baht 3,390 million against the net stock loss of Baht 6,811 million in the prior quarter.
In addition, the company recorded foreign exchange gain on USD loan of Baht 353 million owing to the Thai Baht appreciation against the foreign exchange loss of Baht 500 million in the previous period. There was an unrealized gain from oil hedging of Baht 359 million compared to an unrealized loss from oil hedging of Baht 993 million last quarter.