Petrolimex earns US$67.3 million profit in nine months
Petrolimex earns US$67.3 million profit in nine months
Vietnam’s largest fuel wholesaler, Vietnam National Petroleum Group (Petrolimex), announced today that it earns a profit of VND1.4 trillion (US$67.3 million) within the first nine months this year.
The total turnover of the state-run corporation during the nine months reached VND155 trillion ($7.45 billion), up six percent against the same period last year, according to Petrolimex chairman Bui Ngoc Bao.
However, the CEO added that the majority of the profit comes from other trading fields as petro-chemistry, insurance, water transport, and construction; while petroleum contributes only forty percent of the total amount.
Since the start of this year, Petrolimex has strictly followed the rules of the government in adjusting the prices of fuel when there is change in the prices in the world.
Bao also suggested the Ministry of Finance to lower petrol import tax because of the competition of foreign firms that sell fuel at sea for fishing ships outside the maritime border of Vietnam.
Last year, Petrolimex’s total revenues topped VND196.33 trillion (US$9.26 billion), dropping slightly by 2.25 percent from 2012.
However, its pretax profits surged 97 percent from VND978.17 billion in 2012 to VND1.93 trillion, or $91.04 million, in 2013.
Profits from fuel trading activity alone accounted for VND768 billion ($37 million) of the sum.
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