TOP Reports a Decline of Profit by 88% from Stock Loss and Lower GRM

Thai Oil Public Company Limited (TOP) has reported its 2Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

TOP’s 2Q19 profit was THB 566.91 million, decreased 88.18% from a net profit of 4,794.75 million in 2Q18. When compared 2Q19 with 2Q18, TOP had sales revenue of THB 91,962 million, decreased by THB 4,675 million due to planned major turnarounds since mid-June and decreases in product selling prices. GIM including stock gain/ (loss) of 6.9 US$/bbl from lower GRM from decreased petroleum product spreads, particularly gasoline, jet/kero and gas oil spreads which substantially dropped due to surplus supply.

Moreover, TOP recorded an increase of net foreign exchange gain of THB 1,753 million compared with net foreign exchange loss of THB 1,159 million in 2Q18. Offsetting with depreciation, finance costs, and income tax expense, TOP recorded decreased net profit by THB 4,228 million from 2Q18.