VietNamNews

PV Gas reports post-tax profit of US$259 million in 9 months

Update: October, 10/2020 - 07:17

 

A PetroVietnam Gas Corporation facility. — Photo pvgas.com.vn

HÀ NỘI — PetroVietnam GAS Corporation JSC (PV Gas) raked in over VNĐ6 trillion (over US$259 million) of post-tax profit in the first nine months of the year, exceeding the target set for the period by 27 per cent.

The firm’s revenue was estimated to reach nearly VNĐ49.5 trillion in the last three quarters, exceeding the target by 7 per cent. Meanwhile, the pre-tax profit was estimated at VNĐ77.6 trillion, 28 per cent higher than the plan.

Despite facing many disadvantages due to impacts caused by the COVID-19 pandemic, PV Gas still completed most of the main targets of the nine-month plans assigned by its parent firm PetroVietnam. Its production and financial targets exceeded the set plans by between 3-51 per cent, and between 7-64 per cent, respectively.

In the last three quarters, PV Gas received more than 6.9 billion cubic metres of wet gas to produce nearly 6.8 billion cubic metres of dry gas, 44,500 tonnes of condensate gas and 1.45 million tonnes of liquefied petroleum gas (LPG).

The corporation has also completed the two targets of LPG production and business and State budget contribution.

It contributed an estimated VNĐ3.5 trillion to the State budget in the reviewed period, up 64 per cent compared to the nine-month plan and completing the whole year’s target.

The firm forecast its total revenue in 2020 would fall to more than VNĐ66 trillion and post-tax profit would be halved to VNĐ6.63 trillion. The company planned to pay a dividend rate of 30 per cent.

PV Gas shares, listed on the Hồ Chí Minh Stock Exchange as GAS, slid 0.4 per cent to VNĐ74,300 apiece on Friday.

PV Gas recently has decided it would sell its stake in the Southern Gas Trading JSC (PV Gas South).

The firm is now the biggest shareholder at the Southern Gas Trading with a 35.26 per cent stake.

PV Gas’ divestment plant was determined after the company previously failed to increase its stake in the Southern Gas Trading JSC. — VNS