IRPC reported a huge net profit of Bt2.4b in 3Q23, from a loss ofBt2.5b in 3Q22 and a loss of Bt2.2b in 2Q23. Excluding one-off items (mainly frominventory gains of Bt3.8b partly offset by hedging loss of Bt373m), IRPC’s core loss wasBt317m. The core loss narrowed from a loss of Bt643m in 3Q22 and a loss of Bt903b in2Q23, thanks to higher gross refinery margin of US$8.5/bbl (2Q23: US$4.1/bbl and 3Q22:US$5.3/bbl). Both core and net profit were in line with our estimates. 9M23 core losscame in at Bt110m from core profit of Bt3.8b in 9M22.