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Vân Phong petroleum bonded warehouse expects no losses in 2018

Update: December, 26/2017 - 11:15
The Vân Phong petroleum bonded warehouse in Khánh Hòa Province expects to not have accumulated losses in 2018. — Photo petrolimex.com.vn
Viet Nam News

HÀ NỘI The Vân Phong petroleum bonded warehouse in Khánh Hòa Province expects to not have accumulated losses, returning to normal business in 2018, according to an official of the National Petroleum Group (Petrolimex).

Petrolimex chief accountant Lưu Văn Tuyển said in 2017, Vân Phong petroleum bonded warehouse achieved pre-tax profit of VNĐ160 billion. However, according to the monitoring report of Petrolimex, the warehouse has currently experienced accumulated losses of some VNĐ120-130 billion after minusing net profit of 2017.

Tuyển said with the positive prospects for the warehouse business next year, it expects to not incur accumulated losses in 2018.

Tuyển said at present, Petrolimex has increased its shares at the Vân Phong Petroleum Bonded Warehouse Joint Stock Company to 85 per cent from 51.4 per cent after Petrolimex Singapore Pte Ltd transferred its capital amounting to $14 million at the warehouse company to Petrolimex.

The Ministry of Industry and Trade approved this transaction under current regulations.

The Vân Phong petroleum bonded warehouse began operations in June 2012 with total investment capital of $125 million and total capacity of 505,000cu.m.

However, according to Petrolimex, in 2012 alone, Vân Phong Petroleum Bonded Joint Stock Company suffered a loss of VNĐ170 billion. Since it was a new warehouse, the leasing did not reach the designed capacity. Leased capacity reached 20 per cent in 2013 and 43 per cent in the first half of 2014. VNS



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