August 3, 2017 / 11:39 AM / in 3 years

Thai oil refiner IRPC's quarterly profit slumps on stock loss

BANGKOK, Aug 3 (Reuters) - Thai oil refiner and chemical company IRPC Pcl said its second quarter net profit slumped 67 percent, hit by a big stock loss as crude oil prices fell.

IRPC, a subsidiary of energy giant, PTT Group, has businesses in petroleum, petrochemicals, and power.

The company said in a statement on Thursday that it made a net profit of 1.23 billion baht ($37 million) in the June quarter, when it booked a net stock loss of about 1.18 billion baht.

However, its overall sales revenue rose 21 percent from a year earlier and 37 percent from the previous quarter.

IRPC maintained its forecast that crude oil prices would be at $45-49 per barrel in the third quarter, based on agreement between OPEC members to further cut their output.

However, members have increased production beyond agreed levels in the past.

Benchmark Brent crude was trading at $52.56 a barrel on Thursday.

$1 = 33.24 baht Reporting by Chayut Setboonsarng; Editing by Susan Fenton

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