Monday, November 30 2020

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Bình Sơn Refining and Petrochemical JSC reports $7.4 million Q3 profits

Update: October, 23/2020 - 08:25

 

Workers at Dung Quất Oil Refinery in the central province of Quảng Ngãi, operated by Bình Sơn Refining and Petrochemical JSC (BSR). BSR currently trades on the Unlisted Public Company Market (UPCoM) with the code BSR. — Photo bsr.com.vn

HÀ NỘI — Việt Nam’s largest refining and petrochemical firm, Bình Sơn Refining and Petrochemical JSC (BSR), reported that third-quarter profits reached more than VNĐ171 billion (US$7.37 million).

It sold more than 925,000 tonnes of products, exceeding the quarterly plan by 24.8 per cent, posted total revenue of over VNĐ9 trillion, and contributed more than VNĐ972 billion to the State budget.

The numbers reflect the significant efforts BSR has made amid many difficulties caused by COVID-19, which has impacted the firm in terms of both material supply and product consumption.

It reported total revenue of more than VNĐ31.7 trillion in the first half of this year, down 38 per cent against last year.

A loss of VNĐ4.25 trillion was incurred in the first half after it enjoyed a post-tax profit of VNĐ704 billion in the same period of 2019.

BSR reported revenue of more than VNĐ13.7 trillion in the second quarter alone, down by more than half compared to last year. It also incurred a loss of nearly VNĐ1.9 trillion in the quarter.

It 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 movement of oil prices and the COVID-19 pandemic.

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

It plans to list more than 3.1 billion shares, representing charter capital of VNĐ31 trillion.

BSR currently trades on the Unlisted Public Company Market (UPCoM) with the code BSR. If approved, it will become the largest listed firm by charter capital on HNX.

BSR is a subsidiary of Việt Nam National Oil and Gas Group (PetroVietnam or PVN) and operator of the $3 billion Dung Quất Oil Refinery in the central province of Quảng Ngãi, the first oil refinery in the country.

It is also expected to develop a plan in which PVN will cut its ownership down from 92.12 per cent. — VNS

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