BSR posts after-tax profit of over 1.25 trillion VND in Q4 2020
The Binh Son Refining and Petrochemical Joint Stock Company (BSR) posted over 1.25 trillion VND (54.14 million USD) in after-tax profit in the fourth quarter of 2020, up 1.08 trillion VND over the previous quarter, reflecting its better business performance.
BSR is a wholly-owned subsidiary of Vietnam National Oil and Gas Group (PetroVietnam) and operator of the Dung Quat Oil Refinery, the first oil refinery in the country. (Photo cafef.vn)
Hanoi (VNA) - The Binh Son Refining and Petrochemical Joint Stock Company (BSR) postedover 1.25 trillion VND (54.14 million USD) in after-tax profit in the fourthquarter of 2020, up 1.08 trillion VND over the previous quarter, reflecting itsbetter business performance.
According to its financialreport for 2020, though it posted negative growth for the year as a whole, itsindications in cash flow for payments and operations remained stable.
As of the end of 2020, its total property was worth 54.53trillion VND, an increase of 2.31 trillion VND against 2019.
The company basically completed all of its targets in2020. It operated the Dung Quat Oil Refinery in a safe and stable manner, with averageoperational capacity standing at 105 percent and total output at about 5.95million tonnes, surpassing the target by 7 percent.
Total revenue hit more than 57.89 trillion VND lastyear, while State budget contributions totalled 6.24 trillion VND. It cut costsby about 1.8 trillion VND (excluding costs for crude oil).
The negative growth in revenue was due to COVID-19 as well as the slump in the oilprice. It managed, however, to minimise its losses and keep negative growth at thelowest possible level.
According to the company, a number of drastic andflexible measures were applied to keep the Dung Quat Oil Refinery operating atoptimal capacity.
Thanks to such efforts, though the refinery was closedfor 51 days for maintenance, it still ensured supply to customers. From thethird quarter of 2020, it began to turn a profit.
It expects to recover quickly in 2021 as the global oilprice rises./.
Despite being hit hard by falling oil prices and COVID-19 in the first half of 2020, the Dung Quat Oil Refinery maintained operations via various means and is now ready for the recovery phase in the second half of the year.
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BSR is a wholly-owned subsidiary of Vietnam National Oil and Gas Group (PetroVietnam) and operator of the Dung Quat Oil Refinery, the first oil refinery in the country. (Photo cafef.vn) 
