Thailand's IRPC swings to net profit of $5.55m on higher prices

05 August 2014 10:00 Source:ICIS News

SINGAPORE (ICIS)--Thailand’s IRPC swung to a net profit of Thai baht (Bt) 178m ($5.55m) in the second quarter of 2014 from a net loss of Bt1.16bn in the same period last year, buoyed by higher product prices and volumes, the company said on Tuesday.

The company’s net sales rose by 6.71% year on year to Bt71.7bn in the second quarter, while its earnings before interest, tax, depreciation and amortisation (EBITDA) was up by 66.2% at Bt1.96bn, the company said in a filing to the Stock Exchange of Thailand.

The utilisation rates for IRPC’s petrochemical businesses in the second quarter were 75%, 90%, and 84% for aromatics, olefins, and styrenics respectively, the refiner and petrochemicals maker said.

The company’s overall petrochemicals sales volume rose by 11.6% year on year to 347,000 tonnes in the second quarter of this year, according to IRPC.

For the first half of this year, the company posted a net profit of Bt522m, compared with a net loss of Bt1bn in the same period of 2013.

Its overall net sales rose by 5% year on year to Bt7.4bn in January-June this year, it added.

IRPC is an affiliate of Thailand energy major PTT.

($1 = Bt32.1)

By Nurluqman Suratman