IRPC Q2 net profit up on lower feedstock costs

10 August 2007 03:34  [Source: ICIS news]

SINGAPORE (ICIS news)--IRPC, which operates Thailand’s largest integrated petrochemical complex, posted late on Thursday a 6% rise in second quarter net profit due to lower raw material costs.

It recorded second quarter net profit of baht (Bt) 4.5bn ($143.7m) compared with Bt4.2bn in the same quarter a year ago, IRPC said in a statement to the Stock Exchange of Thailand.

The higher earnings were in spite of sales revenues falling 2% to Bt55.3bn, the company said, adding that the improvement was mainly because the strong baht lowered raw material costs.

This resulted in a 6% rise in gross profit to Bt260.5m.

The company also said that average crude run level in the second quarter rose 6% to 189,640 bbl/day, which also contributed to higher earnings.

($1=Bt31.32)

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Author: Jeanne Lim
+65 6780 4359

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