ESSO Records a Net Loss of ฿2.5Bn in 2Q after Booking Lower Revenue and Loss from Sales

Esso (Thailand) Public Company Limited (ESSO) has reported its 2Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

ESSO reported a net loss of 2,504 million baht in 2Q20, plunging further from a net loss of 927 million baht in 2Q19. The decrease was mainly due to its lower revenue for the quarter from 45,748 million baht last year to 24,413 million baht in 2Q20, as well as the loss from sales.

In the second quarter of 2020, loss from sales was Baht 3,183 million, compared to a loss of Baht 1,272 million last year. The Downstream segment made a loss of Baht 2,829 million, primarily driven by unfavorable inventory impacts from lower crude prices and weak refining margins. The Petrochemical segment had a loss of Baht 354 million reflecting continued poor paraxylene margins from a supply-demand imbalance in the region.