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Petrolimex profit up 11 per cent

Update: August, 06/2019 - 11:47


The Petrolimex group achieved revenue of VNĐ91.7 trillion in the first six months of the year, down by 5 per cent year-on-year. — Photo

HÀ NỘI — The Việt Nam National Petroleum Group (Petrolimex) reported post-tax profits of VNĐ2.4 trillion (US$102.6 million) in the first six months of the year, up by 11 per cent year-on-year and equivalent to 60 per cent of the entire year’s target.

The group achieved revenue of VNĐ91.7 trillion in the period, down by 5 per cent year-on-year.

In the second quarter, the group earned nearly VNĐ50 trillion in revenue, down 3 per cent year-on-year.

The cost of goods sold decreased further, so the group's gross profit dropped 12 per cent to VNĐ3.5 trillion in the second quarter.

Selling expenses accounted for a large proportion of Petrolimex's total expenses, increasing from VNĐ2 trillion to VNĐ2.2 trillion.

After excluding all types of expenses, Petrolimex in the second quarter recorded profit after tax of VNĐ1.25 trillion, down 3 per cent compared to the same period last year.

As of the end of June, Petrolimex's total assets had reached VNĐ58 trillion, 3 per cent higher than the beginning of the year. Of the figure, cash and cash equivalents were VNĐ9.6 trillion, down 3 per cent, and accounting for 17 per cent of total assets.

Short-term receivables stood at VNĐ8.3 trillion, an increase of 11.4 per cent year-on-year, while inventories were VNĐ10.8 trillion, up by 6 per cent year-on-year. — VNS

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