An Improvement in GPM Turns TASCO to Book ฿422Mn of Profit in 1Q21

Tipco Asphalt Public Company Limited (TASCO) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

TASCO reported a net profit of 422 million baht in 1Q21, increased from a net loss of 783 million baht in 1Q20.

 

Sales and services stood at 5,468 million baht, reflecting an increase of 7.0% from the same period of last year. This was mainly attributed to the hike in selling price related to the increase in global oil market price.

Domestic sales volume also went up as a result of the continued disbursement acceleration of the government budget.

 

Cost of sales and services stood at 4,279 million baht or 78.3% of sales and services, compared to 96.2% in 1Q20, before the allowance for diminution in value of inventory and hedging gain.

The improvement in gross profit was mainly due to the higher retail sales volume, especially from the domestic market together with an increase in average retail asphalt selling price as compared to the inventory cost.

 

In addition, TASCO recorded a loss from hedging contracts of 396 billion baht due to an increase in the global market price for crude oil, asphalt and petroleum products.