Tipco Asphalt Public Company Limited (TASCO) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;
TASCO reported a net profit for 3Q20 of 1,862 million baht, increasing 162% YoY mainly due to the domestic asphalt sales volume increased significantly from the effect of over 7 months prolonged delay disbursement of fiscal year 2020 government budget in previous two quarters which caused the demand to peak at record sales volume pace in the quarter.
Sales and services stood at 8,576 million baht, decreasing 9.2% YoY due to reduction in sales volume, in particular the international market.
Cost of sales and services stood at 6,062 million baht before the reversal of allowance for diminution in value of inventory and hedging gain. The significantly improved gross profit margin was attributed mainly to the higher retail sales volume and average retail asphalt selling price in Thailand, Malaysia, Vietnam and Cambodia.