Refinery operator BSR back in the black

By Dat Nguyen April 26, 2021 | 06:23 pm PT

Dung Quat Oil Refinery in the central province of Quang Ngai. Photo courtesy of Binh Son Refining and Petrochemical Jsc.

Binh Son Refining and Petrochemical Jsc has turned around after a disastrous 2020 and reported a pre-tax profit of VND1.85 trillion ($80.5 million) for the first quarter.

The operator of the Dung Quat Oil Refinery in central Vietnam said revenues rose 17 percent year-on-year to VND21.05 trillion.

It had reported a loss of nearly VND2 trillion in the first quarter last year.

BSR went through a challenging 2020 as the Covid-19 pandemic pushed down oil prices, sending its revenues and profits plummeting, while a 51-day closure of the refinery caused a fall in output.

In the event it reported a loss of VND2.8 trillion for the full year.