Esso (Thailand) Public Company Limited Announces Second Quarter 2008 Results

14 August 2008

Esso (Thailand) Public Company Limited announced second quarter 2008 net profit of Baht 5,814 million, up Baht 3,920 million from the second quarter of 2007. The higher earnings were due to increases in downstream margins, sales volumes, and lower interest expense partly offset by declining petrochemical profits from sales.

Downstream profits from sales in the second quarter of 2008 were Baht 8,586 million compared with Baht 3,021 million in the second quarter last year, reflecting higher refining margins and crude runs. The petrochemical segment incurred a loss of Baht 129 million compared with Baht 482 million profits from sales in the second quarter of 2007 primarily due to lower paraxylene industry margins. Interest expense declined significantly to Baht 281 million, Baht 957 million lower than the same period last year as a result of the company’s capital restructuring and debt refinancing activities.

In the second quarter, the Company paid out dividends totaling Baht 3,461 million to shareholders, equivalent to Baht 1 per share.

Subsequent to its initial public offering (IPO), the Company recorded an increase in paid-up capital and premium on share capital of Baht 8,230 million in the second quarter 2008. As of 30 June 2008, Esso (Thailand) Public Company Limited had total assets of Baht 77,955 million, total liabilities of Baht 41,888 million, and shareholder’s equity of Baht 36,067 million.

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