2.3 Other Incomes Other incomes consist of port and tank farm services and other services. In 2023, the company had other incomes of Baht 1,421 million rising by Baht 70 million from that last year, mainly owing to improved incomes from port and tank farm services. 2.4 Operating Expenses In 2023, IRPC recorded operating expenses of Baht 12,483 million, decreasing by Baht 330 million from last year. This was mainly from employee expenses. The research and development (R&D) expenses for enhancing the company’s competitiveness in 2023 were Baht 325 million. Such expenses comprised of expenses for internal and external R&D, salaries of staffs in the R&D department and costs of utilities supporting R&D activities amounting to Baht 227 million along with expenses for R&D equipment amounting to Baht 98 million. 2.5 Depreciation expense In 2023, the company recorded the depreciation expense equaling Baht 8,666 million rising by Baht 607 million from that in 2022. This was mainly from increased asset value following the 4Q22 major turnaround. 2.6 Net Finance Cost In 2023, the net finance cost was Baht 2,021 million rising by Baht 185 million from that last year, mainly due to increased interest rates following market situation. 2.7 Gain (Loss) on Financial Derivatives In 2023, there was a gain on financial derivatives equaling Baht 176 million, mainly from a gain on Cross Currency Swap (CCS), which decreased by Baht 62 million from that in the same period last year. 2.8 Gain (Loss) on Foreign Exchange from Borrowing In 2023, the company had a gain on foreign exchange (FX) from U.S. dollar-borrowings of Baht 4 million compared to a loss on FX from U.S. dollar-borrowings of Baht 171 million in 2022 owing to Thai Baht appreciation. 2.9 Unrealized Gain (Loss) on Oil Hedging In 2023, the company had no unrealized gain (loss) on Oil Hedging compared to the same period last year, which recorded an unrealized gain on oil hedging of Baht 28 million. 2.10 Gain (Loss) on Impairment and Disposal of Assets In 2023, the company obtained a gain on impairment and disposal of assets of Baht 822 million rising by Baht 802 million compared to that last year, mainly owing to a reverse on spare part impairment in 1Q23 following adjustment of impairment principle, from time-based to condition-based. 2.11 Gain (Loss) on Investments In 2023, there was a gain of Baht 261 million on investments, dropping by Baht 28 million from last year, mainly from lessened profit sharing from investments in associates and joint ventures. 2.12 Corporate Income Tax In 2023, the company recorded a corporate income tax benefit of Baht 772 million moving down by Baht 370 million from that in the same period last year, mainly owing to improved performance. 182 Management Discussion and Analysis (MD&A) IRPC Public Company Limited
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