TASCO’s Earnings Slump 79% to ฿378 Million in 3Q21 Due to Lower Sales and Service Revenue

Tipco Asphalt Public Company Limited (TASCO) has announced its 3Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

In 3Q21, TASCO’s net profit stood at 378 million baht, a 79% decrease as compared to the net profit of 1,862 million baht in the same period last year. A decrease was mainly due to lower sales and services, the revenue from this segment dropped 27.9% to 6,187 million baht, attributed to a decline in sales volume resulted from the “selective market sales” strategy employed for the international market and continuous negative effect of the COVID-19 pandemic in certain ASEAN countries. 

On the other hand, the selling price of all asphalt products increased during the quarter resulting from the global oil market price hike.

Additionally, TASCO has realized a loss on foreign exchange of 22 million baht as compared to the gain on exchange of 102 million baht in the same period last year.