Thai Oil's quarterly profit up 59%

By The Nation
Published on August 9, 2008

Thai Oil Plc posted the second-quarter net profit of Bt10.5 billion, up Bt3.9 billion or 59.33 per cent from the same period last year, due mainly to higher oil prices as well as high capacity utilisation.

In the quarter, Thai Oil saw an increase in refining capacity by 50,000 barrels per day to 288,000 barrels.

Viroj Mavichak, managing director of Thailand's largest oil refining company, said due to higher oil prices, the integrated margin excluding inventory cost stood at US$12 per barrel or Bt2.50 per litre, compared to $10.4 a barrel or Bt2.30 per litre in the same period last year.

He attributed the high margin to high demand for jet fuel, kerosene and diesel against limited refining capacity, plus demand for heating oil as well as diesel ahead of the Olympic Games in China.

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Thai Oil's quarterly profit up 59%

Thai Oil Plc posted the second-quarter net profit of Bt10.5 billion, up Bt3.9 billion or 59.33 per cent from the same period last year, due mainly to higher oil prices as well as high capacity utilisation.

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