Revenue down, Petrolimex still profits 2,329 billion VND from gasoline

The consolidated financial report for the third quarter of 2016 just announced by the Vietnam National Petroleum Group (Petrolimex) shows that more than two-thirds of the profit of over 4,000 billion VND comes from petroleum trading.

Despite Petrolimex's revenue decreasing due to falling oil prices, its profit in the first 9 months of the year increased by more than 1,400 billion VND compared to the same period last year. Photo courtesy of Tuoi Tre.

According to Petrolimex's consolidated financial report, the total consolidated net revenue of the entire Group was VND88,059 billion, equal to 78% over the same period.

Petrolimex said the decrease in revenue was due to the average world crude oil price (WTI) in the first 9 months of 2016 decreasing, equal to 80.98% of the average oil price in the first 9 months of 2015.

However, Petrolimex recorded a total consolidated profit before tax of: 4,064 billion VND. Thus, compared to 2015, the profit increased by more than 1,400 billion VND, mainly coming from the parent company with 2,956 billion VND.

The petroleum business segment brought the highest profit to Petrolimex with VND2,329 billion, equivalent to 57.3% of total consolidated profit; the remaining profit was from non-petroleum business activities with VND1,735 billion.

Petrolimex's financial report also said that the sharp increase in profit was due to a decrease in financial expenses from VND2,235 billion to only VND654 billion. Particularly, the exchange rate difference loss decreased from VND986 billion to VND86 billion and other financial expenses decreased from VND827 billion to VND126 billion.

According to Tuoi Tre