BSR posts after-tax profit of more than $54m in Q4 2020
BSR posts after-tax profit of more than $54m in Q4 2020
The Binh Son Refining and Petrochemical Joint Stock Company (BSR) posted more than VND1.25 trillion (US$54.14 million) in after-tax profit in the fourth quarter of 2020, up VND1.08 trillion from the previous quarter.
According to its financial report for 2020, though it posted negative growth for the year as a whole, its indications in cash flow for payments and operations remained stable.
As of the end of 2020, its total property was worth VND54.53 trillion, up VND2.31 trillion against 2019.
The company basically completed all of its targets in 2020. It operated the Dung Quat Oil Refinery in a safe and stable manner, with average operational capacity at 105 per cent and total output at about 5.95 million tonnes, surpassing the target by 7 per cent.
Total revenue topped VND57.89 trillion last year, while State budget contributions totalled VND6.24 trillion. It cut costs by about VND1.8 trillion (excluding costs for crude oil).
The negative growth in revenue was due to COVID-19 as well as the slump in the oil price. It managed, however, to minimise its losses and keep negative growth at the lowest possible level.
According to the company, a number of drastic and flexible measures were applied to keep Dung Quat Oil Refinery operating at optimal capacity.
Thanks to such efforts, though the refinery was closed for 51 days for maintenance, it still ensured supply to customers. From the third quarter of 2020, it began to turn a profit.
It expects to recover quickly in 2021 as the global oil price rises.
