Higher average product selling prices and a slight increase in sales volume boosted Thai Oil Public Co. Ltd's second-quarter earnings year on year.

In an Aug. 7 release, the Bangkok-based integrated energy company, which is a subsidiary of PTT PCL, reported a second-quarter net profit of 4.80 billion baht, or 2.35 baht per share, up from the 3.25 billion baht, or 1.59 baht per share, reported during the corresponding period in 2017.

Total sales revenue for the quarter was noted at 96.71 billion baht, climbing from 80.05 billion baht in the same period in 2017.

Making up the bulk of the company's revenue and net profit was its refinery segment. The segment saw a second-quarter net profit of 3.37 billion baht, up from the 1.32 billion baht in the same period of 2017. Throughput for the quarter saw a 4% decrease compared to the same period in 2017, which was largely offset by higher average product selling prices.

The company also said that, on June 28, its board endorsed a 160.28 billion baht clean-fuel project, which will be proposed during the extraordinary general meeting of shareholders on Aug. 27.

As of Aug. 6, US$1 was equivalent to 33.34 Thai baht.