Mining, oil and gas firms see high profits

PetroVietnam Technical Services Corp (PVS) was the most profitable code with a profit of VND592 billion ($27.7 billion) in the forth quarter. — Photo bizlive

HA NOI (Biz Hub) — As many as 359 companies on the Ha Noi Stock Exchange, 99.4 per cent of the total, have published their financial reports for the last quarter of 2014 before the deadline, the exchange reported.

According to the exchange, most companies' 2014 numbers faired better than the previous year.

Around 86 per cent of businesses (308 companies) reported profits in the last quarter of 2014, bringing in a total profit of VND5.02 trillion (US$234.6 million), a rise of 23.7 per cent over the same period in 2013.

Only 51 companies, 14.2 per cent of reporting companies, incurred losses with a total value of VND330 billion ($15.4 million), a decline of 77.5 per cent against the same period of the previous year.

Based on the industry review, companies operating in the mining, oil and gas sectors were the biggest gainers with 22 firms posting quarterly profits at a total value of VND1.444 trillion ($67.5 million). Mining, oil and gas accounted for 28.7 per cent of total profits on the exchange.

PetroVietnam Technical Services Corp (PVS) was the most profitable code with a profit of VND592 billion ($27.7 billion) in the forth quarter.

The industrial sector came second with 98 companies reporting total profits of more than VND1.4 trillion ($65.6 million), led by Central Hydro Power Co (CHP) posting forth-quarter profits of VND215.8 billion ($10.1 million).

Financial companies also faired well last year with 24 companies raking in total profits of VND851 billion ($39.8 million), making up 17 per cent of profit on the exchange.

Even though the construction industry's 62 companies posted a total profit value of VND716.5 billion ($33.5 million), this sector also witnessed the biggest number of companies incurring losses totaling at a value of VND93 billion ($4.3 million).

According to the year's business results, 321 businesses reported yearly profits with a total value of nearly VND13.04 trillion ($609.3 million), up 20 per cent compared with 2013.

On the other side of the fence, 37 companies posted a total loss of VND686.7 billion ($32.1 million) for the year, down 80.7 per cent against the previous year. — VNS