SUSCO’s Earnings Drops 44% in 2020 to ฿217Mn as Covid-19 Triggers Jet Fuel Sales Volume

Susco Public Company Limited (SUSCO) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

SUSCO’s net profit for the year was Baht 217.66 million, a decrease of Baht 170.50 million, or 43.93%, compared with profit after income tax of Baht 388.16 million of the same period of 2019, mainly due to a decrease in sales revenue triggered by the COVID-19 pandemic.

 

In 2020, SUSCO had a total sales volume of 1,048.034 million litres, a decrease of 345.800 million litres, or 24.81%, from the same period of 2019. The total revenues were Baht 16,777.53 million, a decrease of Baht 11,366.89 million, or 40.39%, from the same period of 2019, due to the decrease in the sales volume from COVID-19 problem especially Jet fuel caused by the restriction of all operating all domestic and international flights during this period, and the decrease in the selling prices following the decrease in the global market oil prices. This resulted in the decrease in the net sales revenue, and the decrease in the other revenue from the decrease in the gain on sale of assets.