Thai Oil posts Q3 profit rise

Thai Oil posts Q3 profit rise

SET-listed Thai Oil Plc (TOP), Thailand's biggest oil refiner, posted a
substantial rise in third-quarter profit on increased spreads, currency
exchange gains and greater income from petrochemicals, according to a filing
with the Stock Exchange of Thailand.

Thai Oil had total sales revenue of 68.5 billion baht, down 8.3% from the
same period of last year.

Net profits in the third quarter were 2.94 billion baht, reversing a net
loss of 2.29 billion baht in the same period last year.

"Gas oil and fuel oil spreads increased slightly," Thai Oil said in a
statement.

"Aromatics spreads also increased from higher demand as downstream producers
expedited production before the G20 summit in China."

Thai Oil booked earnings before interest, tax, depreciation and amortisation
of 5.39 billion baht, including oil hedging gains of 206 million baht, after
realising a large stock gain in the previous quarter.

"Average selling prices declined significantly along with the drop in crude
oil price," the company said.

In addition, TOP saw a foreign exchange gain of 519 million baht, up by 409
million baht, from a slight appreciation in Thai baht at the end of the
third quarter.

For the first nine months of 2016, TOP posted total sales revenue of 197.6
billion baht, down 12% from a year earlier, when it had total revenue of
225.1 billion baht.

TOP shares closed yesterday on the SET at 71.75 baht, down two baht, in
trade worth 606 million baht.

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Link to Original Article:
http://www.bangkokpost.com/business/news/1131477/thai-oil-posts-q3-profit-ri
se

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com