Refinery operator turns profitable

By Dat Nguyen   October 22, 2020 | 09:32 pm PT
Refinery operator turns profitable
Dung Quat Oil Refinery in the central province of Quang Ngai. Photo courtesy of Petrovietnam.
Binh Son Refining and Petrochemical Jsc turned profitable in the third quarter after two consecutive quarterly losses thanks to rising oil prices.

The operator of the Dung Quat Oil Refinery reported a post-tax profit of VND162.9 billion ($7 million), saying a nearly 12 percent rise in Brent crude prices between June and August helped improve its bottom line.

It also said it cut sales costs by 45 percent and management costs by 29 percent.

However, the profit was 72 down year-on-year after the company had to shut down the refinery for 51 days until October 1 for maintenance.

The company reported a loss of VND4.09 trillion for the first nine months as oil prices plummeted in the first four months of the year after the Covid-19 pandemic hit demand.

It achieved revenues of VND40.8 trillion for the period, down 45 percent year-on-year.

BSR said in a statement that 2020 has been a particularly difficult year. It expects better figures in the last quarter with the pandemic being contained and economic activities recovering.

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