Dung Quat Oil Refinery operator reports $184mln losses in H1
VietReader 13-09-2020, 14:20

Dung Quat Oil Refinery operator reports $184mln losses in H1


The company said the loss was caused by the oil prices plummeting from January to $18.5 per barrel and the impacts from Covid-19 pandemic, VnExpress cited information from the company’s financial statement.


The latest loss compares to a post-tax profit of VND705 billion in the first half of last year when oil prices hit an all-year high in April at $71.3 per barrel, the company said.


The firm has made efforts to contain the plunge. It has succeeded in reducing sales costs by 14 per cent and managing costs


The firm has made efforts to contain the plunge. It has succeeded in reducing sales costs by 14 per cent and in managing costs by 33 per cent year-on-year.


As oil prices began to recover in May, the firm was able to record a VND1.4 trillion post-tax profit in June alone.


The auditor of the company expressed concern over the debt of Central Biofuels Jsc (BSR-BF), a company in which BSR holds a 6554 percent stake.


This unit had a VND108 trillion accumulated debt by the end of June, and is short of debt repayment funds. It has shut down its factory, and the auditor worries about the subsidiary’s ability to continue operations.



Source: VnExpress