ESSO Reports a Net Loss of ฿3bn after Recording a Lower GRM and Sales Volumes

Esso (Thailand) Public Company Limited (ESSO) has reported its yearly consolidated financial statement of 2019 through the Stock Exchange of Thailand as follows;

ESSO reported a net loss in 2019 at 3,065 million baht, decreased from a net profit of 2,225 million baht in 2018. The decrease was due to the decrease of selling prices and lower sales volumes as the downstream segment made a loss of 2,594 million baht, mainly due to lower crude runs from the plant-wide scheduled maintenance. Moreover, the gross refinery margin in 2019 was $2.1/bbl lower than 2018 which recorded at $4.6/bbl.