Technicians at PetroVietnam Mud Drilling Corporation. The company saw its revenue fall 34 per cent year on year to VND413 billion in the second quarter of the year. — Photo cafef.vn

PetroVietnam Mud Drilling Corporation has reported its Q2 revenue dropped 34 per cent year-on-year to VND413 billion (US$17.76 million).

However, as gross profit gained 22 per cent year-on-year to VND63 billion, the company recorded VND16 billion in Q2 post-tax profit, almost double last year’s figure.

According to the company, sales of drilling liquid increased and helped boost gross profit. Meanwhile, the decline of revenue came after the firm shut down its plastic bead business.

In the first two quarters of the year, PetroVietnam Mud Drilling Corp earned nearly VND987 billion in revenue, down 13 per cent year on year.

The company saw its net profit reach VND20.6 billion from last year’s two-quarter loss of VND6.6 billion.

In 2019, the firm targets to record VND1.96 trillion in total revenue and VND170 million in post-tax profit.

By June 30, total assets reached VND1.88 trillion, which included VND866 billion worth of collectables, VND350 billion worth of cash and savings, and VND337 billion worth of stockpiles.

The company saw its short-term loans and financial debts fall to VND398 billion in the first half of the year from VND603 billion at the beginning of January.

The company shares are listed on the Ha Noi Stock Exchange, ending Monday down 1.4 per cent at VND7,300 per share. — VNS