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VietNamNews

PVGas reports 78% decrease in Q4 profits

Update: February, 20/2016 - 09:36
Vietnam Gas Corporation (PVGas) reports a drop of 78 per cent in profit for the last quarter of 2015. — Photo thuongmaicongnghiep.com

HA NOI (VNS) — The slump in oil prices has strongly influenced business result of Vietnam Gas Corporation (PVGas) in the last quarter of 2015, which reported a drop of 78 per cent in profit.

PVGas reported a sale of VND17.26 trillion (USVND17,208,345 million) in the fourth quarter, a reduction of 9.2 per cent over the same period last year. Meanwhile, cost of sales increased 27 per cent to reach VND492 billion (VND489,432 million).

The company earned over VND1 trillion (VND996,743 million) in net profit in the quarter. Compared with the profit of VND4.8 trillion for the same quarter last year, they lost 78 per cent in profits. Thus, for the whole of 2015, PVGas earned VND64.29 trillion (VND63,917 billion) in net revenue, a reduction of 13 per cent compare to the previous year. Its net profit of the whole year was VND8.5 trillion (VND8,505,839 million), down 38.5 per cent compared to the results of 2014.

As of the end of 2015, the total assets of PVGas reached VND56.7 trillion (VND56,542 billion), an increase of more than 5 per cent compared with the balance in the beginning of the year.

Based in Vung Tau-city in the south of Viet Nam, PVGas was one of Viet Nam's largest State-run companies, which runs integrated operations, from drilling for gas through to marketing, and controls nearly 70 per cent of the domestic market for liquefied petroleum gas. It has a market capitalisation of about VND201,137 billion, making it one of the largest publicly traded Vietnamese companies.

The company is actively pursuing a policy of collaborating with foreign companies, and in June 2014 signed a liquefied natural gas trading contract with Royal Dutch Shell.

Yesterday each GAS share ended at 42,500 (VND42,462) on the HCM Stock Exchange. — VNS

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