Dung Quat refinery earns $26m in Q1 post-tax profit
In Q1, the factory turned out more than 1.7 million tonnes of products and earned over VNĐ23.05 trillion in revenue.
The Dung Quat oil refinery, based in the central province of Quang Ngai, exceeded its designed capacity by 7 per cent in the first quarter of 2019, helping it gain over VND606 billion (US$26 million) in post-tax profit during the period.
In Q1, the factory turned out more than 1.7 million tonnes of products and earned over VND23.05 trillion in revenue. It contributed some VND2.44 trillion to the State budget, according to the financial report for Q1 of the Binh Son Refining and Petrochemical JSC (BSR) – a member of the State-owned Vietnam Oil and Gas Group and the operator of the refinery.
The BSR said global crude oil prices fluctuated unpredictably from Q4 of 2018 through February this year. Facing that fact, the company took many drastic and timely measures, including aligning the Dung Quat refinery’s operations with the market, promoting marketing activities, and boosting energy and technology optimisation solutions.
As a result, its profit in Q1 improved considerably compared to the previous quarter.
To achieve this year’s targets, the BSR will continue working to ensure its factory operates safely and stably and at 105-107 per cent of the designed capacity. — VNS
