Refinery upbeat about business results amid oil price fluctuations
The Binh Son Refining and Petrochemical Joint Stock Company (BSR) has enjoyed sound business results from the outset of the year, although its profit margin was affected by fluctuations in global oil prices.
At Binh Son Refining and Petrochemical Joint Stock Company (BSR) (Photo: VNA)
Hanoi (VNA) – The Binh Son Refining and Petrochemical Joint StockCompany (BSR) has enjoyed sound business results from the outset of the year,although its profit margin was affected by fluctuations in global oil prices.
According to the firm’s latest financial report, in the third quarter, itearned over 22.98 trillion VND (989.5 million USD) in revenue, and 753 billionVND in gross profit while the gross profit margin rose to 3.28 percent ascompared to the 2.61 percent recorded in the first half of the year.
The firm gained more than 73.85 trillion VND in revenue, and 1.34 trillion VNDin profit before tax during January-September.
A representative from the BSR described this as a positive result although thefirm did not complete its profit target of 3.1 trillion VND set from thebeginning of the year.
Low and varying oil and gas crack spread posed tough challenges for BSR’sbusiness. However, thanks to the firm’s efforts to improve operationefficiency, it produced more than 5.17 million tonnes of various products, andproduction costs as of the end of August were cut 6.1 percent as compared tothe same time last year.
Global oil prices are expected to stabilise in the coming time, therefore theBSR feels confident about its profit in Q4.
Besides, the Government last month decided import tax on crude oil would beslashed to zero percent from the current 5 percent from November 1. The BSRwill get indirect benefit from the decision as a zero tax rate will allow thefirm to diversify the sources of crude oil used as input for production, theBSR representative said./.
Politburo member and head of the Party Central Committee’s Economic Commission Nguyen Van Binh on January 25 stressed the need to complete institutions for the development of the oil and gas sector.
The Binh Son Refining and Petrochemical Company (BSR), a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam – PVN), grossed over 112 trillion VND (4.83 billion USD) in revenue in 2018 thanks to the production and sale of over 7 million tonnes of its products.
The Binh Son Refining and Petrochemical JSC (BSR) has reported that it earned 906 billion VND (39.3 million USD) in profit in the first half of this year.
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At Binh Son Refining and Petrochemical Joint Stock Company (BSR) (Photo: VNA) 
