A PetroVietnam Gas facility. — VNA/VNS Photo

PetroVietnam Gas Corporation (PV Gas) has estimated its total post-tax profit in 2020 will hit VND7.88 trillion (US$339 million), down 35 per cent year-on-year.

The figure beat the full-year target by 19 per cent. Post-tax profit was expected to touch VND6.64 trillion in 2020.

Total revenue is estimated at VND66.18 trillion, down 12.5 per cent year-on-year and a bit higher than the full-year expectation of VND66.16 trillion.

In the first nine months, PV Gas announced total revenue fell 16 per cent year-on-year to VND48.6 trillion and post-tax profit dropped 31 per cent year-on-year to VND6.25 trillion.

According to the board of directors, 2020 has been a tough year because of the COVID-19 pandemic, leading to the decline in consumption as PV Gas was the gas supplier for electrical and industrial production.

Amid the difficulties, PV Gas has managed to keep its system operating efficiently, producing a total of 8.87 billion cubic metres of dry gas, 1.91 million tonnes of liquefied petroleum gas (LPG), and 58,200 tonnes of condensate gas.

In Viet Nam, PV Gas is the main supplier to produce 20 per cent of total power and 70 per cent of fertiliser, and meet 62 per cent of the country’s LPG output.

The company this month officially operated the Nam Con Son 2 gas project and carried out financial settlements for other projects with a total disbursement of VND6.84 trillion. — VNS