IRPC Reports a Net Stock Loss in 3Q19, Turning to Face a Net Loss of ฿1.3bn

IRPC Public Company Limited (IRPC) has reported its 3Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

IRPC’s net sales declined by 14,567 million baht or by 21% when compared to the same quarter of last year. The main reason was the decrease of average selling prices following the decline in crude oil price. The crude intake of 193,000 barrels per day decreased by 5%.

The Market GIM reduced by 2,104 million baht or 27% (decreased by USD 2.22 per barrel) mainly due to the decrease in petrochemical products spread from trade war impact along with the increase of crude premium.

The net stock gain fell by 2,404 million baht from the net stock gain of 1,071 million baht in 3Q18 to the net stock loss of 1,333 million baht. This brought about a decline in accounting GIM by 4,508 million baht or 52% and a decline in EBITDA by 4,520 million baht or 86%. Plus, lower gain from investments, Baht 95 million. These resulted in the net loss of 1,321 million baht in 3Q19 against a net profit of 2,560 million baht in 3Q18.