348

Vietnam: Petrolimex reports over a trillion in first-half profits

  • Aug 14, 2016

Vietnam: Petrolimex reports over a trillion in first-half profits

Sunday, 14 August 2016 – The Vietnam National Petroleum Group, or Petrolimex, posted pre-tax profits of VND716bn (USD32.5m) in the second quarter and nearly VND1.6trn in the first half of the year. According to the financial report, the second quarter’s revenue dropped by a third compared to the same period last year, reaching VND20trn (USD909m). However, their second quarter profit actually increased by 76% on last year thanks to lower costs and higher revenues.

The mother company benefits from rising dividends and profits at member companies and the foreign exchange rates. Their provisions made last year were reserved because member companies proved profitable. Read More?