PV Gas reports 16% increase in Q1 profit

Friday, Apr 19, 2019 16:30

PetroVietnam Gas Corporation posted a 16 per cent increase in post-tax profit for the first quarter of 2019, which reached VND3.03 trillion. Photo pvgas.com.vn
PetroVietnam Gas Corporation (PV Gas) has announced its post-tax profit in the first quarter was up 16 per cent year on year to VND3.03 trillion (US$130.2 million).

In the first three months of 2019, the company earned more than VND18.6 trillion in net revenue, a yearly increase of 3 per cent.

The company has accomplished 29 per cent of the full-year revenue target and 40 per cent of the full-year profit target.

In the first-quarter financial report, PV Gas said its combined profit rose 9 per cent year on year to VND4.34 trillion as cost of sales fell 1 per cent from the same period last year.

Among major incomes of the company, financial income jumped a third to VND394 billion while financial expense was down to VND60 billion from VND172 billion in the first quarter of 2018.

In 2019, PV Gas lowered its earnings by 15 per cent in revenue and 35 per cent in post-tax profit to VND63.9 trillion and VND7.64 trillion, respectively.

The 2019 dividend payout rate is estimated at 30 per cent, equal to VND3,000 ($0.13) per share.

PV Gas is listing nearly 1.9 billion shares on the Ho Chi Minh Stock Exchange (HoSE) under code GAS.

The company shares were up 0.8 per cent to trade at VND106,400 per share on Thursday morning.

Its shares have gained more than 25 per cent since the end of 2018. — VNS

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