Việt Nam’s largest refining and petrochemical company, Bình Sơn Refining and Petrochemical reported lower revenue in the first half of 2020 compared to a year earlier. Bình Sơn’s revenue totalled VNĐ31.7 trillion ($1.36 billion) in the period, 38% lower than the same period last year, the company’s consolidated financial report showed.
The company suffered a post-tax loss of VNĐ4.25 trillion ($182.50 million) in the period, compared to a post-tax profit of VNĐ704 billion in the first half of 2019. In the first quarter, Bình Sơn’s net loss reached VNĐ2.34 trillion ($101.74 million) as oil prices dropped to around the $30s a barrel in March. For the second quarter, post-tax loss reached VNĐ1.89 trillion ($82.17 million).
Bình Sơn largely attributed the weaker results to the coronavirus pandemic, which depressed demand and created a large volume of unsold products. For this year, the company expects to produce 5.56 million tons of oil products and generate VNĐ80.68 trillion ($3.5 billion) in revenue as well as VNĐ1.18 trillion ($51.3 million) in post-tax profit.
PetroVietnam, which owns a 92.12% stake in Bình Sơn, is planning to divest its holding in the company. Meanwhile, Bình Sơn intends to list its shares on the Hà Nội Stock Exchange (HNX).
