Thai IRPC’s net profit climbs 47% in Q3

According to media reports, Thailand’s IRPC Pcl’s net profit in the third quarter climbed 47% on a yearly basis to 1.3 billion baht ($37 million) from 888 million baht in the same quarter of last year. It missed analysts’ average expectations which called for 1.4 billion baht in a survey conducted by Reuters due to weaker refining margins. The rise in net profit was attributed to profits from foreign exchange.

The company recorded a gain of 181 million baht from foreign exchange in the July-September period when compared to a loss of 1.06 billion baht in the same period a year earlier.

However, it is reported that the company’s net profit declined 65% from Q2 due to decreasing gross integrated margins to $12.50/barrel from $13.39 in the previous quarter.

According to analysts, the third quarter may record the lowest profit level of 2016 and earnings of the company are expected to advance in the last quarter of this year owing to increasing refinery run rates, although a planned shutdown in February may cause a decline on earnings in 2017.