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Thai Oil Plc, Thailand's biggest refiner, said profit soared 95 percent to a record in the second quarter as margins from processing of crude oil increased and it booked a currency gain.
Net income rose to 6.88 billion baht ($184 million), or 3.37 baht a share, in the three months ended June 30, from 3.53 billion baht, or 1.73 baht a share a year earlier, the Bangkok- based company said in a filing to the Thai stock exchange last Friday. Sales increased 18 percent to a record 74.7 billion baht.
Record fuel prices, spurred by rising Asian demand and supply restrictions exacerbated by conflicts in the Middle East, bolstered refining margins, or profit from processing crude oil into fuels. Margins at Thai refineries rose to $10 a barrel in the second quarter from $6.70 in the first, according to Thanatthep Chantarakarn, an analyst at Bualuang Securities.
The company booked a currency gain of 454.6 million baht compared with a loss of 1.74 billion baht in the second quarter of 2005, according to the statement. The baht has gained 9.7 percent against the US dollar this year, outperforming the 14 other Asian currencies tracked by Bloomberg.
Thai Oil's cost of sales rose 16 percent to 65.9 billion baht, the statement said.
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