Binh Son Refining and Petrochemical faces revenue slump

Hanoi (VNS/VNA) – 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.

The company suffered a loss of 4.25 trillion VND in the first half of the year while it enjoyed a post-tax profit of 704 billion VND in the same period in 2019.

In the 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 of nearly 1.9 trillion VND 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 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 movements of oil prices and the COVID-19 pandemic.

BSR has filed for listing on the Hanoi Stock Exchange, the northern market regulator said.

The company plans to list more than 3.1 billion shares on the northern stock market, representing its charter capital of 31 trillion VND.

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 Hanoi Stock Exchange (HNX).

BSR is also expected to develop a plan in which its parent Vietnam Oil and Gas Group (PetroVietnam) will cut its ownership in the firm from 92.12 percent./.