PV Gas reports post-tax profit of US$259 million in 9 months

Saturday, Oct 10, 2020 07:17

A PetroVietnam Gas Corporation facility. — Photo pvgas.com.vn

PetroVietnam GAS Corporation JSC (PV Gas) raked in over VND6 trillion (over US$259 million) of post-tax profit in the first nine months of the year, exceeding the target set for the period by 27 per cent.

The firm’s revenue was estimated to reach nearly VND49.5 trillion in the last three quarters, exceeding the target by 7 per cent. Meanwhile, the pre-tax profit was estimated at VND77.6 trillion, 28 per cent higher than the plan.

Despite facing many disadvantages due to impacts caused by the COVID-19 pandemic, PV Gas still completed most of the main targets of the nine-month plans assigned by its parent firm PetroVietnam. Its production and financial targets exceeded the set plans by between 3-51 per cent, and between 7-64 per cent, respectively.

In the last three quarters, PV Gas received more than 6.9 billion cubic metres of wet gas to produce nearly 6.8 billion cubic metres of dry gas, 44,500 tonnes of condensate gas and 1.45 million tonnes of liquefied petroleum gas (LPG).

The corporation has also completed the two targets of LPG production and business and State budget contribution.

It contributed an estimated VND3.5 trillion to the State budget in the reviewed period, up 64 per cent compared to the nine-month plan and completing the whole year’s target.

The firm forecast its total revenue in 2020 would fall to more than VND66 trillion and post-tax profit would be halved to VND6.63 trillion. The company planned to pay a dividend rate of 30 per cent.

PV Gas shares, listed on the Ho Chi Minh Stock Exchange as GAS, slid 0.4 per cent to VND74,300 apiece on Friday.

PV Gas recently has decided it would sell its stake in the Southern Gas Trading JSC (PV Gas South).

The firm is now the biggest shareholder at the Southern Gas Trading with a 35.26 per cent stake.

PV Gas’ divestment plant was determined after the company previously failed to increase its stake in the Southern Gas Trading JSC. — VNS

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