Workers at Dung Quat Oil Refinery in the central province of Quang Ngai, operated by Binh Son Refining and Petrochemical JSC (BSR). BSR currently trades on the Unlisted Public Company Market (UPCoM) with the code BSR. — Photo bsr.com.vn

Viet Nam’s largest refining and petrochemical firm, Binh Son Refining and Petrochemical JSC (BSR), reported that third-quarter profits reached more than VND171 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 VND9 trillion, and contributed more than VND972 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 VND31.7 trillion in the first half of this year, down 38 per cent against last year.

A loss of VND4.25 trillion was incurred in the first half after it enjoyed a post-tax profit of VND704 billion in the same period of 2019.

BSR reported revenue of more than VND13.7 trillion in the second quarter alone, down by more than half compared to last year. It also incurred a loss of nearly VND1.9 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 VND80.7 trillion and VND1.18 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 Ha Noi Stock Exchange (HNX), the northern market regulator has said.

It plans to list more than 3.1 billion shares, representing charter capital of VND31 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 Viet Nam National Oil and Gas Group (PetroVietnam or PVN) and operator of the $3 billion Dung Quat Oil Refinery in the central province of Quang Ngai, 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