Petrochemical fertiliser firm reports slight drop in 2019 revenue, but profit gains sharply

Friday, Feb 07, 2020 06:55

Fertiliser packages are loaded for transport at the PetroVietnam Fertiliser and Chemicals Corporation. The company shares were up 2.6 per cent on Thursday. — Photo

PetroVietnam Fertiliser and Chemicals Corporation (DPM) has reported a drop in revenue of 3.5 per cent year-on-year to VND2.13 trillion (US$91.6 million) in the fourth quarter of 2019.

Selling and financial expenses dropped 10-19 per cent but financial revenue jumped 46 per cent year-on-year.

The company earned a 73 per cent growth in net profit compared to the previous year, which touched VND247.6 billion in the fourth quarter of 2019.

In 2019, total net revenue fell 23 per cent year on year to nearly VND6.83 trillion.

Total pre-tax profit was halved from 2018 to VND435.5 billion and total post-tax profit was down 48 per cent to VND370.4 billion compared to the previous 12 months.

In 2019, DPM had expected total net revenue would slide 8 per cent to VND8.64 trillion while pre-tax profit would be cut by 76 per cent on-year to VND205 billion.

The company this year eyes its total revenue will increase by a third to VND9.23 trillion and post-tax profit will gain 17 per cent on-year to VND433 billion.

The company shares (HoSE: DPM) rose 2.6 per cent to end Thursday at VND11,700 per share. — VNS

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