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Petrolimex reports over a trillion in first-half profits

17/08/2016

The Vietnam National Petroleum Group, or Petrolimex, posted pre-tax profits of VND716bn (USD32.5m) in the second quarter and nearly VND1.6trn in the first half of the year.

 

Petrolimex earned VND58.7trn in the first half of the year

According to the financial report, the second quarter's revenue dropped by a third compared to the same period last year, reaching VND20trn (USD909m). However, their second quarter profit actually increased by 76% on last year thanks to lower costs and higher revenues.

The mother company benefits from rising dividends and profits at member companies and the foreign exchange rates. Their provisions made last year were reserved because member companies proved profitable.

For the first half of the year, Petrolimex's revenue from all 46 member companies and sectors that they have invested in including transportation and insurances reached VND58.7trn (USD2.6bn), accounted for 73.4% of the same period last year and a total of VND2.8trn in pretax profit. The petroleum business brought in nearly VND1.6trn of profit.

According to the report, the overall revenue decreased because the world fuel price dropped from USD53.29 to USD39.52 per barrel.

In May, Petrolimex sold a 9.09% stake to the Japanese-owned JX Nippon Oil & Energy Corporation for over VND4trn (USD182m). The corporation also planned to merge PG Bank with Vietinbank.

By Bich Diep | dtinews.vn | August 12, 2016 05:07 PM

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