Tipco Asphalt Pcl. (SET: TASCO) has reported its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 1Q22 | 1Q21 |
| Net Profit (Loss) Million Baht |
216,124 |
422,215 |
| Earning Per Share (Baht) |
0.14 |
0.27 |
| % Change | -49% | |
The company reported net profit in 1Q22 of THB 216 million as compared to THB 422 million in the corresponding period of 2021.
Sales and services stood at Baht 6,309 million, reflecting an increase of 15.4% from the same period of last year. This was mainly attributed to the increase in asphalt selling price which impact from the global oil market price increase in this quarter.On the other hand, the sales volume decreased which resulted from lower demand in the international market due to winter season and continuous negative impact from the COVID-19 pandemic in certain Asian countries.
Cost of sales and services stood at Baht 5,335 million or 84.6% (78.3% in corresponding quarter in 2021) of sales and services before the reversal of allowance for diminution in value of inventory and hedging loss. The decrease in gross profit was mainly due to the increase in inventory cost in this quarter. In addition, the Company recorded loss from price hedgingcontracts of Baht 531 million because of the increase in global market price for crude oil, asphalt, and petroleum products.
Selling and administrative expenses stood at Baht 35 million and Baht 256 million, representing 5% and 3.6% of total revenue. Comparatively, these expenses in the same period of 2021 stood at Baht 37 million and Baht 281 million or 0.6% and 4.8% oftotal revenue. The Company is committed to control overhead expenses while improving the operating gross profit margin.
