Despite a decrease in revenue, Petrolimex still made a profit of 2,329 billion VND from petroleum products.

According to the consolidated financial report for the third quarter of 2016, recently released by Vietnam National Petroleum Group (Petrolimex), more than two-thirds of its profit of over 4,000 billion VND came from petroleum business.

Despite a decrease in revenue due to falling oil prices, Petrolimex's profit in the first nine months of the year increased by more than 1,400 billion VND compared to the same period last year. (Photo: Tuoi Tre newspaper)

According to Petrolimex's consolidated financial report, the Group's total consolidated net revenue was VND 88,059 billion, equivalent to 78% compared to the same period last year.

Petrolimex stated that the decrease in revenue was due to the average price of world crude oil (WTI) in the first nine months of 2016 falling to 80.98% of the average price in the first nine months of 2015.

However, Petrolimex recorded a consolidated pre-tax profit of 4,064 billion VND. This represents a profit increase of over 1,400 billion VND compared to 2015, mainly driven by the parent company with 2,956 billion VND.

Petrolimex's petroleum business segment generated the highest profit, reaching VND 2,329 billion, equivalent to 57.3% of total consolidated profit; the remaining profit, VND 1,735 billion, came from non-petroleum business activities.

Petrolimex's financial report also indicated that the sharp increase in profit was due to a reduction in financial costs from VND 2,235 billion to only VND 654 billion. Specifically, exchange rate losses decreased from VND 986 billion to VND 86 billion, and other financial costs decreased from VND 827 billion to VND 126 billion.

According to Tuoi Tre newspaper