Friday, August 14 2020

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Bình Sơn Refining and Petrochemical faces revenue slump

Update: July, 22/2020 - 09:21

 

Dung Quất Oil Refinery in central Quảng Ngãi province, operated by The Bình Sơn Refining and Petrochemical Company (BSR). BSR suffered a loss of VNĐ4.25 trillion in H1 while it enjoyed a post-tax profit of VNĐ704 billion in the same period last year. — VNA/VNS Photo Huy Hùng

HÀ NỘI — Việt Nam’s largest refining and petrochemical firm, Bình Sơn Refining and Petrochemical JSC (BSR), reported total revenue of more than VNĐ31.7 trillion (US$1.36 billion) in the first half of this year, down 38 per cent against last year.

The company suffered a loss of VNĐ4.25 trillion in the first half of the year while it enjoyed a post-tax profit of VNĐ704 billion in the same period in 2019.

In the second quarter alone, BSR reported revenue of more than VNĐ13.7 trillion, down by more than a half compared to last year.

It suffered a loss of nearly VNĐ1.9 trillion in the quarter.

BSR attributed the poor business results to the influences of the COVID-19 outbreak combined with falling oil prices.

The company has trimmed its total revenue and post-tax profit targets for 2020 by 21.5 per cent and 59 per cent year-on-year to VNĐ80.7 trillion and VNĐ1.18 trillion, respectively, if crude trades at $60 a barrel on average in the year.

The board will make an adjustment if there is any change in the movements of oil prices and the COVID-19 pandemic.

BSR has filed for listing on the Hà Nội Stock Exchange, the northern market regulator said on Tuesday.

The company plans to list more than 3.1 billion shares on the northern stock market, representing its charter capital of VNĐ31 trillion.

BSR is traded on the Unlisted Public Company Market (UPCoM) with code BSR. If approved, BSR will become the largest listed firm by charter capital on the Hà Nội Stock Exchange (HNX).

BSR is also expected to develop a plan in which its parent National Oil and Gas Group (PetroVietnam or PVN) will cut its ownership in the firm from 92.12 per cent. — VNS

 

 

 

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