BSR – Brief – [NONRATED] – Unfavorable crack spread landscape

3Q24 revenue came in at VND31.9tn (-16% qoq, +14% yoy) regardless of a 17% yoy volume increase sourced from a steep pullback of crack spread of -46% yoy and oil price slump of 7.7% yoy. Gross profit and NPAT turned loss the first time since pandemic outbreak, respectively at -VND1.5tn and -VND1.2tn.