Esso (Thailand) Public Company Limited (SET: ESSO) has announced its 2Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 2Q23 | 2Q22 |
| Net Profit (Loss) Million Baht |
-1,294.10 | 8,298.64 |
| Earning Per Share (Baht) |
-0.3700 | 2.4000 |
| 6 Months | 2023 | 2022 |
| Net Profit (Loss) Million Baht |
-469.76 | 14,198.36 |
| Earning Per Share (Baht) | -0.1400 | 4.1000 |
ESSO reported a net loss of Baht 1,294 million in 2Q23, a sharp plunge from Baht 8,298 million of net profit in 2Q22.
Total revenue for the second quarter of 2023 was lower than the same period of last year, largely due to lower market selling prices and sales volume. Loss from sales was Baht 1,776 million, which was Baht 12,138 million lower than the same period of last year mainly due to lower refining margin and unfavorable inventory effects. Compared with the same period last year, net finance costs increased by Baht 50 million in the second quarter of 2023 from the increase in interest rates.
ESSO noted that Dubai prices in the second quarter of 2023 averaged $77.8/Bbl, a decrease of $30.3/Bbl from the same period of last year. Crude prices continued in downward direction and remained volatile from ongoing bearish sentiment of the global economy despite tight supply from OPEC+ production cuts. In tandem with crude prices, all product prices decreased in the second quarter of 2023 when compared with the same period of last year mainly due to slowdown in oil demand growth globally from concerns over economic conditions.
