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Binh Son Refining and Petrochemical (BSR) faces revenue slump
Viet Nam’s largest refining and petrochemical firm, Binh Son Refining and Petrochemical JSC (BSR), reported total revenue of more than VND31.7 trillion (US$1.36 billion) in the first half of this year, down 38 per cent against last year.
The company suffered a loss of VND4.25 trillion in the first half of the year while it enjoyed a post-tax profit of VND704 billion in the same period in 2019.
In the second quarter alone, BSR reported revenue of more than VND13.7 trillion, down by more than a half compared to last year.
It suffered a loss of nearly VND1.9 trillion 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 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 movements of oil prices and the COVID-19 pandemic.
BSR has filed for listing on the Ha Noi Stock Exchange, the northern market regulator said on Tuesday.
The company plans to list more than 3.1 billion shares on the northern stock market, representing its charter capital of VND31 trillion.
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 Ha Noi Stock Exchange (HNX).
BSR is also expected to develop a plan in which its parent National Oil and Gas Group (PetroVietnam or PVN) will cut its ownership in the firm from 92.12 per cent.
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