SPRC Drops 4% after a Downturn in 3Q22 Earnings for THB5,000 Million of Loss

The share price of Star Petroleum Refining Public Company Limited (SET: SPRC) in the morning on November 9, (11:40 Thai time) traded at 11.70 per share, decreased 0.50 baht or 4.10%. The highest price was at 11.90 per share, and the lowest at 11.50 per share, with a total trading value of THB 271.81 million.

A decrease in the share price of SPRC was due to the investors selling after turning to record a loss of 5 billion in the third quarter of 2022, compared to a net profit of 112.84 million baht in the third quarter of 2021. That decrease in profit was impacted by a huge stock loss, which also includes loss from inventory write-downs to net realizable value, due to the oil price declining especially at the end of the quarter. It was also negatively impacted by a significant depreciation of the Baht against the US dollar during the quarter, which resulted in a foreign exchange loss.