By P.R. Venkat

Thai Oil PCL said Monday that its net profit surged for the second quarter, mainly because of foreign-exchange gains and higher fair value of financial instruments.

Net profit rose to 2.48 billion baht ($79.4 million), the company said.

Revenue fell 46% to THB49.37 billion due to lower selling prices of petroleum products.

"Covid-19 led to a significant drop in gasoline and gas oil demand in the industrial and transportation sectors," the company said, adding flight cancellations world-wide also severely affected the price of jet fuel.

The company said it expects global crude oil prices to pick up in the coming two quarters as countries lift pandemic restrictions.

Write to P.R. Venkat at venkat.pr@wsj.com