IRPC’s 3Q18 Profit Down by 21% from Lower of Products Spread
IRPC showed a disappointed 3Q18 YoY performance, lost 21% of its profit, while the nine months period was still be able to gain 36.8% more than last year.
IRPC Public Company Limited (IRPC) has reported its 3Q18 consolidated financial statement through the Stock Exchange of Thailand as follows:
The company booked ฿2,560 million of profit in 3Q18, decreased 21.17% from the same period of last year. On the other hand, in nine months period, IRPC earned ฿9,361 million or 36.84% more than what the company earned in 3Q17.
In 3Q18, the Market GIM(Gross Integrated Margin) decreased by ฿1,664 million or 18% driven by lower of products spread while net stock gain increased by ฿428 million. This resulted in a lower of Accounting GIM by ฿1,236 million or 12% as well as a lower of EBITDA by ฿1,377 million (21%).
Meanwhile, financial costs were down by ฿210 million because there were losses from financial derivatives amounting to ฿231 million in 3Q17 as well as a drop in corporate income tax by ฿451 million due to performance from BOI net income. As a result, the net profit in 3Q18 decreased by ฿688 million or 21%, YoY.