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IRPC Q2 net profit jumps 230% on the year

Thai oil and petrochemical company IRPC Public Co. Ltd reported a second-quarter net profit of 4.05 billion Thai baht, up 230% from the 1.23 billion baht noted during the same period in 2017.

Sales for the quarter were pegged at 70.9 billion baht, up 30% from the 54.6 billion baht noted during the same period in 2017. Profit from operations rose to 5.14 billion baht for the quarter compared to 1.90 billion baht in the same period in 2017.

In an Aug. 9 release, the company's crude intake rose by 8% year on year with 19.10 million barrels reported for the quarter compared to the 17.61 MMbbl recorded during the corresponding period in 2017. Petroleum sales for the quarter climbed to 45.9 billion baht, up from 34.8 billion baht in the same quarter in 2017.

The firm's petrochemical sales totaled 18.6 billion baht for the quarter, up from the 14.5 billion baht reported in the second quarter of 2017. In addition, the company's power plant and utilities businesses reported total sales of 784 million baht, up 11% from the 704 million baht a year ago.

As of Aug. 8, US$1 was equivalent to 33.23 Thai baht.