Binh Son Refining and Petrochemical JSC reports Q3 profits

Hanoi (VNA) - Vietnam’s largest refining and petrochemical firm, Binh Son Refining and Petrochemical JSC (BSR), has estimated that its third-quarter profits stood at more than 171 billion VND (7.37 million USD).

It sold more than 925,000 tonnes of products, exceeding the quarterly plan by 24.8 percent, posted total revenue of over 9 trillion VND, and contributed more than 972 billion VND 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 31.7 trillion VND in the first half of this year, down 38 percent against last year.

A loss of 4.25 trillion VND was incurred in the first half after it enjoyed a post-tax profit of 704 billion VND in the same period of 2019.

BSR reported revenue of more than 13.7 trillion VND in the second quarter alone, down by more than half compared to last year. It also incurred a loss of nearly 1.9 trillion VND in the quarter.

It has trimmed its total revenue and post-tax profit targets for 2020 by 21.5 percent and 59 percent year-on-year to 80.7 trillion VND and 1.18 trillion VND, respectively, if crude trades at 60 USD 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 Hanoi Stock Exchange (HNX), the northern market regulator has said.

It plans to list more than 3.1 billion shares, representing charter capital of 31 trillion VND.

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.

It is also expected to develop a plan in which its parent company - the Vietnam Oil and Gas Group (PetroVietnam) - cuts its ownership down from 92.12 percent./.