Thai Oil Public Company Limited (TOP) has announced its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
TOP reported a net profit of 2,122 million baht in 2Q21, decreased 14.42% from a net profit of 2,480 million baht in 2Q20. However, its 6-month statement turned around from a net loss of 11,274 million baht in 6M20 to record a net profit of 5,482 million baht in 6M21.
Compared 6M21 with 6M20, TOP had sales revenue of 151,570 million baht, increased by 25,755 million baht thanks to rising product selling prices. Moreover, due to considerable increases in base oil spread over fuel oil, BZ spread over ULG95 as well as an increase in gross margin of LAB, TOP reported greater GIM excluding stock gain/ (loss) by 2.2 US$/bbl to 4.7 US$/bbl. In addition, in 6M21, stock gain of 8,439 million baht was recorded, compared with stock loss of 12,176 million baht in 6M20.
Besides, there was the reversal on crude and petroleum product inventory of 38 million baht in 6M21, compared with the write-down on crude and petroleum product inventory of 1,011 million baht in the same period of the previous year.
Combining with net realized loss on financial instruments of 175 million baht, TOP reported an increase in EBITDA of 15,275 million baht, compared with loss on EBITDA of 9,367 million baht. However, TOP had net loss on fair value measurements of financial instruments of 827 million baht, and net foreign exchange loss of 3,889 million baht due to Thai baht depreciation. Offsetting with finance costs of 1,703 million baht, decreased by 431 million baht from the capitalization of borrowing costs as part of assets, depreciation, and income tax expense, TOP reported net profit of 5,483 million baht in 6M21, compared with net loss of 11,274 million baht from the same period of the previous year.