Bangkok – August 14, 2020.  Mr. Timothy Alan Potter, Director and CEO of Star Petroleum Refining Public Company Limited (“SPRC”), has released its operational and financial results for Q2/2020. Net profit for Q2/2020 was US$ 37 million (Baht 1,138 million) compared with Q1/2020 net loss of US$ 261 million (Baht 8,273 million).

 

      In Q2/2020, the market gross refining margin was US$ 4.65/bbl., significantly improved from Q1/2020 at US$ 1.28/bbl.  The improvement was a result of the SPRC Family’s continued focus on crude and product margin optimization, crude discount benefits, and increased customer demand from COVID-19 travel restrictions being relaxed. 

 

      14 August 2020, SPRC’s Board of Directors at the meeting No.3/2020 has passed a resolution to approve no interim dividend payment for the period of 1 January 2020 to 30 June 2020 due to net loss for the same period.

 

 

 

 

      “The Company has identified and made good progress to improve cash flow.  The combined initiatives will improve our cash flow by US$ 66 million in 2020.  In addition, the progress on the recovery of the payment related to the business email compromise that occurred late last year which resulted in the payment of invoice to an incorrect account. We anticipated recovery of approximately 25% which will be in the amount of US$ 5 – 6 million and expected to receive those funds within this year” said by  Mr. Timothy Alan Potter.