PVT - Encouraging Q3 profit despite BSR maintenance - Earnings Flash
  • 2020-10-29T19:55:33
  • Company Research
PVT released its 9M 2020 results in which revenue and recurring NPAT-MI dropped 9.9% YoY and 25.8% YoY, respectively. The decline in 9M net profit was due to 1) low crude transportation volume as PVT’s biggest client — Binh Son Refinery (BSR) — conducted maintenance for 51 days, 2) lower crude tanker rates, 3) lower day rates for the floating oil storage (FSO) segment and 4) higher operating costs due to COVID-19.