Binh Son Refining and Petrochemical faces revenue slump
Vietnam’s largest refining and petrochemical firm, Binh Son Refining and Petrochemical JSC (BSR), reported total revenue of more than 31.7 trillion VND (1.36 billion USD) in the first half of this year, down 38 percent against last year.
Dung Quat Oil Refinery, operated by the Binh Son Refining and Petrochemical Company, in central Quang Ngai province (Photo: VNA)
Hanoi (VNS/VNA) – Vietnam’s largest refining and petrochemical firm, BinhSon Refining and Petrochemical JSC (BSR), reported total revenue of more than 31.7trillion VND (1.36 billion USD) in the first half of this year, down 38 percentagainst last year.
Thecompany suffered a loss of 4.25 trillion VND in the first half of the yearwhile it enjoyed a post-tax profit of 704 billion VND in the same period in2019.
Inthe second quarter alone, BSR reported revenue of more than 13.7 trillion VND,down by more than a half compared to last year. It suffered a loss ofnearly 1.9 trillion VND in the quarter.
BSRattributed the poor business results to the influences of the COVID-19 outbreakcombined with falling oil prices.
Thecompany has trimmed its total revenue and post-tax profit targets for 2020 by21.5 percent and 59 percent year-on-year to 80.7 trillion VND and 1.18 trillionVND, respectively, if crude trades at 60 USD a barrel on average in the year.
Theboard will make an adjustment if there is any change in the movements of oilprices and the COVID-19 pandemic.
BSRhas filed for listing on the Hanoi Stock Exchange, the northern marketregulator said.
Thecompany plans to list more than 3.1 billion shares on the northern stockmarket, representing its charter capital of 31 trillion VND.
BSRis traded on the Unlisted Public Company Market (UPCoM) with code BSR. Ifapproved, BSR will become the largest listed firm by charter capital on the HanoiStock Exchange (HNX).
BSRis also expected to develop a plan in which its parent Vietnam Oil and GasGroup (PetroVietnam) will cut its ownership in the firm from 92.12 percent./.
The Vietnam Oil and Gas Group (Petrovietnam) is striving to achieve the “dual goal” in the context of “dual crisis” from the COVID-19 pandemic and the plunge in oil price.
The Binh Son Refining and Petrochemical Corporation (BSR) has filed for listing on the Hanoi Stock Exchange, the northern market regulator said on June 2.
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Dung Quat Oil Refinery, operated by the Binh Son Refining and Petrochemical Company, in central Quang Ngai province (Photo: VNA) 
