Singapore-Thailand's Rayong Refinery Company has reported a 62% plunge in third-quarter net profit from a year ago to Baht 1.18 billion (32.15 million), citing a slump in refining margins and inventory losses. Gross refining margin crashed to a marginal 62 cents/barrel from 9.81/barrel in the same period last year as the fall in refined products prices outpaced the decline in crude prices, the company said in a statement November 10. RRC also realized an inventory loss of Baht 2.065 billion on 6.52 million barrels of stock as prices fell sharply at the end of September.
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