TOP Bounces Back to Book ฿715Mn of Profit in 3Q from Higher Stock Gain-Crude Inventory

TOP Bounces Back to Book ฿715Mn of Profit in 3Q from Higher Stock Gain-Crude Inventory.

Thai Oil Public Company Limited (TOP) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

TOP reported a net profit of 715 million baht in 3Q20, contrasted to its net loss of 682 million baht in 3Q19.

Compared Q3/20 with Q3/19, Thaioil reported lower sales revenue by Baht 25,104 million mainly from lower product selling prices and total product sales volume, together with lower GIM excluding stock gain/(loss) by 4.1 US$/bbl. This mainly came from 1) a significant plunge in gross refining margin tracking declines in gasoline, jet/kero and gas oil spreads following weakened demand from COVID-19 pandemic.

 

However, aromatics margin improved due to better byproduct spreads over ULG95 in spite of declines in aromatic spreads over ULG95. Besides, lube base oil and bitumen spreads over fuel oil improved from the same period of the previous year.

With stock gain of Baht 2,986 million, compare with stock loss of Baht 1,373 million in Q3/19.

Additionally, there was the reversal on crude and petroleum product inventory of Baht 378 million, compared with a write-down on crude and petroleum product inventory of Baht 352 million during the same period last year.

 

Furthermore, operating costs in Q3/20 substantially reduced from Q3/19 due to planned major turnaround expenses in the same period of the previous year and the implementation of cost management strategy to control costs as one of the management measures of Thaioil and Subsidiaries during the COVID-19 situation. Therefore, Thaioil and Subsidiaries reported an increase in EBITDA of Baht 2,874 million and net profit of Baht 715 million, compared with net loss of Baht 683 million.

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