Profit in first six months welcome after huge losses racked up in the fourth quarter of last year.
Petrolimex has announced that it recorded after-tax profit of VND1.125 trillion ($50.91 million) in the second quarter, a 171 per cent increase year-on-year. Excluding costs relating to retail sales and management, pre-tax profit was VND1.317 trillion ($59.6 million).
In the first half of the year its after-tax profit stood at VND1.586 trillion ($71.78 million), a dramatic increase of 137 per cent year-on-year.
The huge profit comes from a 49 per cent increase in profit from selling products and providing services and is despite the fact that the retail petrol price in the second quarter fell 20 per cent.
In the first half of the year pre-tax profit was VND1.893 trillion ($85.67 million), reaching 77.2 per cent of the annual target. Excluding its subsidiaries, the parent company’s after-tax profit in the second quarter was almost VND405.6 billion ($18.35 million), with net profit in the first half coming in at VND495.7 billion ($22.4 million), year-on-year increases of 52.3 per cent and 31.1 per cent, respectively.
After recording heavy losses in fourth quarter last year Petrolimex well and truly bounced back in the first half of this year. It is one in 19 petroleum companies in Vietnam, holding a market share of around 50 per cent.