Petrolimex posts US$53 million pre-tax profit
Petrolimex posts US$53 million pre-tax profit
The Viet Nam National Petroleum Group (Petrolimex) had sold 30 million shares at its subsidiaries in the first quarter of the year.
In a document sent to the HCM City Stock Exchange, Petrolimex said it sold eight million shares at Petrolimex International Trading Joint Stock Company (PIT), accounting for 56.3 per cent of PIT’s chartered capital. After the transaction, it has no longer been a big shareholder at PIT.
It also sold all of its shares at Petrolimex Mechanical Stock Company (PMS) amounting to 3.3 million shares, Petrolimex Equipment JSC amounting to 1.2 million shares, Petrolimex Construction 1 JSC (PCC1) amounting to 2.5 million shares, and Petrolimex Installation No 3 JSC (Penjico) amounting to 1.5 million shares.
According to its consolidated financial report, Petrolimex now owns 0.2 per cent of shares at Eximbank and 40.57 per cent at PGBank.
It posted a consolidated pre-tax profit of VND1.2 trillion (US$53 million) in the first quarter of the year.
This figure represented an 89 per cent year-on-year increase and met 24 per cent of the set target.
Petrolimex has announced its consolidated financial report of the parent company and its affiliates in all business areas: petroleum, gas, lubricants, petroleum transportation, engineering and mechanics.
Accordingly, the profit from its petroleum business was VND611 billion ($27 million), equivalent to 50.6 per cent of the total consolidated profit. Up to 3.38 million cu.m. of petroleum was sold in the first quarter of 2018, an increase of 17.6 per cent over the same period last year.
Profit from its non-petroleum business activities reached VND595 billion ($26 million), accounting for 49.4 per cent of the total consolidated profit.
Its total consolidated after-tax profit in the first quarter was VND1 trillion ($44 million), of which that of the parent company was VND898 billion ($39 million).
Its total consolidated net revenue was VND45.4 trillion ($2 billion), up 27 per cent over the same period last year. The increased revenue resulted from the average price of crude oil in the first quarter of 2018 reaching $62.89 per barrel, a year-on-year rise of 21.5 per cent (the average price of crude oil in the same quarter of 2017 was $51.78 per barrel).
Petrolimex contributed VND10.7 trillion ($471 million) to the State budget in the January-March period, posting a 17.7 per cent year-on-year increase.
The group would continue trading high quality products, protecting the environment and developing general solutions to mobilise all forces to increase sales of target commodities including E5 RON92 petrol, diesel level V and 95 IV petrol in the second quarter of the year.
It would increase investments to fortify the network of petrol stations, while continuing to accelerate restructuring, mostly focusing on divestment in the banking sector.
