SET Announcements
REVIEWED F/S AND BUSINESS OPERATIONS' EXPLANATION FOR Q1
1600 / 055 / 2002
May 15 , 2002
The Stock Exchange of Thailand
62, Ratchadapisek Road, Klongtoey
Bangkok 10110
Attention : President of The Stock Exchange of Thailand
Subject : Filing Reviewed Financial Statements and Business
Operations' Explanation for Quarter 1, 2002
Attachment : 1. Reviewed Financial Statements for Quarter 1 (Thai 1 Copy)
2. Reviewed Financial Statements for Quarter 1 (English 1 Copy)
According to the SET's Regulation Re: Preparation and
Submission of Financial Statements, Financial Reports and Operating
Results of Listed Companies, 2001, a listed company shall prepare and
submit quarterly financial statements audited by the Auditor within
45 days since the last day of each quarter.
The Bangchak Petroleum Public Company Limited (BCP) would like
to file reviewed financial statements by the Auditor for quarter 1
ending March 31, 2002 and also would like to explain reasons for the
variation in business operations in accordance with the profit and
loss account more than 20 percent from that of the same period of 2001
as followed :
Regarding the 1st quarter's business operations in 2002, the
Company's total revenues are BHT. 11,469 million. The net profit is
BHT. 307 million, higher than that of the same quarter in 2001 BHT
1,217 million (the 2001 first quarter's net loss is BHT. 910 million)
which consists of an increase in the gross profit as high as BHT. 1,077
million. This is derived from business synergy with other refineries
as to reduce crude transportation cost and to delivered BCP's long
residue for cracking into clean oil products, which have more
value-added. Besides, the Company gains profit from oil price
increasing- 5 $/BBL from the price level in late 2001. The Company
is also able to reduce 16% in production cost in quarter 1 comparing
to the same period of the preceding year.
Furthermore, the Company gains from foreign exchange fluctuations
totaling BHT. 19 million, which is higher than that of the preceding
year BHT. 140 million. This leads to increasing total profit for quarter 1,
2002.
Please be informed accordingly.
Yours sincerely
(Mr. Chokchai Atsawarangsalit)
Corporate Planning Manager (Acting)
Corporate Planning Office
Tel: 0-2335-4583