ESSO Flips to Book ฿466Mn of Profit in 3Q after Erasing Loss from Sales in the Quarter

Esso (Thailand) Public Company Limited (ESSO) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

ESSO reported a net profit of 466 million baht in 3Q20, flipped from a net loss of 1,295 million baht in 3Q19.

Total product sales volume in the third quarter of 2020 was 4% lower than the same period last year mainly due to the impact of COVID-19 pandemic on jet fuel demand.

In the third quarter of 2020, profit from sales was 586 million baht, compared to a loss of Baht 1,677 million the same period last year. The Downstream segment made a profit of 1,069 million baht, primarily driven by favorable inventory impacts. The Petrochemical segment had a loss of 483 million baht reflecting continued poor paraxylene margins from demand-supply imbalance in the region.