Thailand: Bangchak earnings up big

Thailand: Bangchak earnings up big

SET-listed Bangchak Petroleum Plc (BCP) posted a substantial increase in
third-quarter net profit on rising refining capacity and petrol sales.

President Chaiwat Kovavisarach said the company had total revenue of 36.7
billion baht in the third quarter, down slightly from the previous quarter.

Bangchak recorded a net profit of 1.18 billion baht in the quarter, more
than double that of the previous year.

Mr Chaiwat said the company's refining capacity rose in the third quarter to
an average of 116,000 barrels per day.

Gross refining margin dropped slightly from the previous quarter to US$5.62
a barrel due largely to weak crude oil prices.

Dubai crude oil price averages were at $43.19 a barrel, down from $43.23 a
barrel on the previous quarter, making the profit of the company's refining
business fall by 41% from the second quarter with earnings before interest,
tax, depreciation and amortisation of 1.5 billion in the third quarter.

For the first nine months of 2016, the company posted a net profit of 3.64
billion baht, down 14% year-on-year.

The company has sold a total of 1.14 million litres of petrol, up 9% from
the same period last year.

Mr Chaiwat said Bangchak will continue its plan to increase the number of
its petrol stations and modernise the 1,065 stations it has currently.

The company plans to invest 15 billion baht to revamp both its oil-retail
and non-oil businesses over the next three years.

BCP's subsidiary BCPG posted a 3% rise in revenue from green power
generation compared to the previous quarter.

Sales from solar power business fell slightly as rains limited
power-generating capacity in Thailand.

However, solar power sales in Japan jumped 135% from the previous quarter as
the new project in Japan has commenced commercial operations.

BCP has an average production capacity of 452,000 litres of biodiesel per
day as new biodiesel plants have started operation.

BCP shares closed unchanged yesterday on the Stock Exchange of Thailand at
32.75 baht in light trade valued at 201 million baht.

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Link to Original Article:
http://www.bangkokpost.com/business/news/1131417/bangchak-earnings-up-big

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com