PetroVietnam fertiliser company reports profit 3.7 times higher than plan

Friday, Jun 19, 2020 11:54

Fertiliser produts packed at PetroVietnam Ca Mau Fertiliser Joint Stock Company. — VNA/VNS Photo Anh Nguyen

PetroVietnam Ca Mau Fertiliser Joint Stock Company (PVCFC) reported profit of VND200 billion (US$8.7 million) in the first half of this year, nearly four times higher than its plan set at VND54 billion.

PVCFCs Deputy Director Nguyen Thi Hien said the company earned higher-than-expected profit thanks to the price of input gas plummeting following oil prices in the global market.

However, Hien said that the company faced difficulties in sales, partly due to the impact of the COVID-19 pandemic.

Specifically, exports to Cambodia declined significantly because the border was closed to prevent the spread of the virus. Sales in the southwestern region also struggled due to salinity as farmers cut back on using fertilisers.

Around 70 per cent of the company’s output was sold in the southwestern region while the rest was exported to Cambodia and sold in the northern and Central Highlands regions.

Hien said that the company was striving to improve its capacity to increase its output to reach 913,000 tonnes in 2021. Thus, the company would focus on expanding sales in the domestic market and promote exports to new markets.

The company expected to earn profit of VND339 billion this year. — VNS

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