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Petrolimex gets over US$19.5 million in profit in nine months

Nov 15th at 14:36
15-11-2014 14:36:06+07:00

Petrolimex gets over US$19.5 million in profit in nine months

The State-run Vietnam National Petroleum Group (Petrolimex) announced today that it earned a total profit of VND406 billion (over US$19.5 million) from trading fuel within the first nine months this year.

Luu Van Tuyen, accountant chief of the largest fuel wholesaler Petrolimex, added that the corporation gets an average profit of 67 dong per liter of fuel while its planned target was 300 dong a liter.

According to Tran Ngoc Nam, deputy general director of Petrolimex, the interest rate from fuel trading was just meeting 41 percent of its previously planned target.

The total profit of Petrolimex -- including other fields such as gas, transport, and insurance – was VND1.418 trillion ($68.17 million) during the period.

The total revenue within the nine months this year of the firm was VND158 trillion ($7.6 billion).

Last year, its total revenues topped VND196.33 trillion ($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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