BSR – Back to the runway after major maintenance
• Due to the production halt for plant maintenance (March 15 – May 1), 2Q24 sales volume decreased by 29% YoY, leading to a 27% YoY decrease in revenue. Additionally, the crack spread remained low, and the incurred maintenance costs further contributed to the LNG margin decreasing to 2% (2Q23: 3%). NPAT-MI dropped by 43% YoY, to VND 768 bn. Revenue and NPAT-MI were recorded at VND 55,118 bn (-19% YoY) and VND 1,912 bn (-36% YoY) respectively, at 44%/46% of our projections.• Although business results were impacted by periodic maintenance, a highlight in 2Q24 was the the Quang Ngai People's Court’s approval of bankruptcy proceedings for the subsidiary BSR BF, which facilitated the transfer of BSR's stock listing from UPCoM to HoSE.
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