BCP’s 2Q Profit Declines 46% due to a Decrease of Profit Sharing and High Expenses

Bangchak Corporation Plc.  (BCP) has reported its 2Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

BCP has recorded the net profit at THB 675 million; of which the net profit attributable to the owners of the parent was THB 528 million, fell 46% YoY, increased 147% QoQ.

As for Q2/2019 performance, BCP and its subsidiaries earned revenue from sales of goods and rendering services THB 48,326 million, increase 6% YoY, 6% QoQ), recorded EBITDA THB 2,189 million, decrease 34% YoY, increase 12% QoQ. 

A decline of BCP’s 2Q2019 profit due to the selling, general and administrative was THB 1,897 million, increased by 6% YoY. Mostly from the personnel expenses in the Company group, and the provision for retirement benefits and past service cost in accordance to the Labor Protection Act, which was amended on the 5th April 2019, to include a requirement that an employee who is terminated after having been employed by the same employer for an uninterrupted period of twenty years or more, receives severance payment of 400 days of wages at the most recent rate. There was also an increase in depreciation and amortization expense incurred by the Company and Bangchak Retail Co., Ltd. from the expansion of service stations and branches of its Non-oil businesses