Company considers growth to be stable in first quarter.
Petrolimex has released its business results for the first quarter of the year.
Consolidated net revenue from all subsidiaries was VND27.540 trillion ($1.23 billion), equal to 72.6 per cent of the result in the first quarter of 2015.
Total pre-tax profit was VND1.371 trillion ($61.47 million), equal to 34.6 per cent of the plan, while net profit was VND1.134 trillion ($50.8 million).
Pre-tax profit from its petroleum business was VND658 billion ($29.5 million), equal to 47.9 per cent of consolidated profit.
In its non-petroleum business, pre-tax profit was VND713 billion ($31.97 million), equal to 53.1 per cent of consolidated profit.
Petrochemicals and asphalt brought profit of VND195 billion ($8.743 million) and gas VND32 billion ($1.43 million). Profit from maritime transport, river transport, and road transport was VND104 billion ($4.66 million), while profit from remaining sectors was VND382 billion ($17.1 million).
Petrolimex’s total contribution to the State budget in the first quarter was VND8.237 trillion ($369.34 million), equal to 117 per cent of the contribution made in the first quarter of 2015.
Mr. Luu Van Tuyen from Petrolimex said that profit in the first quarter was considered stable. The group has also identified shorter road transport routes to cut costs. Petroleum production in the first quarter increased 3 per cent year-on-year.
In 2015 Petrolimex’s consolidated revenue was VND146.9 trillion ($6.58 million), equal to 70 per cent of the target. Its pre-tax profit was VND3.75 trillion ($168.1 million), 53 per cent higher than planned and an increase of ten-fold compared to 2014.