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PVFCCo targets $33 million in profit in second half

Released at: 08:40, 18/06/2015

PVFCCo targets $33 million in profit in second half

Corporation announces results for first half and targets for second half of the year.

by Hung Khanh

The PetroVietnam Fertilizer and Chemical Corporation (PVFCCo) held a press conference on June 17 in Hanoi to announce its business performance for the first half of 2015 and its targets for the remaining months of the year.

As many of its subsidiaries performed well its total revenue stood at VND4.945 trillion ($226.72 million), 53 per cent higher than planned. Total profit was some VND810 trillion ($37.13 million), exceeding the target by 63 per cent.

For the second half of the year it has set a revenue target of VND4.3 trillion ($197.15 million), which should bring profits of VND720 billion ($33.01 million).

The Phu My Fertilizer Plant, one of its subsidiaries, dominated the domestic fertilizer market with a share of 48 per cent.

In the first six months the corporation made significant progress in terms of developing new projects, such as the UFC85/Formaldehyde project, which is now more than 70 per cent completed and ahead of schedule and is expected to begin operations in December. The NH3-NPK Phu My expansion project, meanwhile, signed construction contracts on June 7 and is expected to produce commercial products by July 2017.

The corporation also set a target of spending VND95 billion ($4.35 million) on community activities this year.

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