SPRC Low Sales Revenue and Stock Loss Causes a Net Loss in 3Q at ฿924m

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

SPRC reported a net loss of 924 million baht due to the impact from low throughput, low refining margin, stock loss and also expenses relating to the planned turnaround in 4Q19. The reduction in crude intake contributed to lower sales revenue during the quarter. Accounting gross refining margin in Q3/19 was higher than Q2/19 but still relatively low at US$3.11/bbl due to the stock loss resulting from the decline in oil prices during the quarter.

Due to increase in product market, SPRC’s average market refining margin in Q3/19 was US$5.07/bbl as compared to US$2.57/bbl in Q2/19 and US$5.05/bbl in Q3/18. In Q3/19, SPRC maximized margin from good benefit captured from process and crude optimization and maximized domestic placement for all products.

Comparing Q3/19 with Q3/18 sales revenue decreased 9% mainly from the lower petroleum product prices this year while sales volume in Q3/19 approximated to Q3/18 of 15.5 million barrels.