PetroVietnam Oil Corporation (PVOIL) hopes to achieve a post-tax profit of VND376 billion (US$16.2 million) this year, up 8 per cent year-on-year.

The information was released at the annual general meeting of shareholders held on Monday in HCM City.

At the meeting, PVOIL said this year’s revenue is estimated to reach 65 per cent of last year’s figure. Revenue and profit results were calculated based on crude oil’s price of $60 per barrel.

PVOIL General Director Cao Hoai Duong told the meeting that April output had plunged by 18 per cent compared to the initial plan due to social distancing orders and declining demand for petrol amidst the COVID-19 pandemic.

Output had shown signs of recovery in May after the easing of social distancing but was still 7 per cent lower than the initial plan, Duong said.

As of the end of the second quarter, PVOIL’s output had slumped by 12 per cent, he said.

PVOIL forecast two growth scenarios for this year.

In the first scenario with the COVID-19 disease successfully contained, the output will decrease by 8-10 per cent.

In a more negative scenario, if there is a second wave of infections, PVOIL’s output will drop by 18 per cent.

PVOIL achieved consolidated revenue of VND80.3 trillion last year, 164 per cent of the year's plan. Post-tax profit touched VND347 billion, 99 per cent of the yearly plan.

The company contributed VND11.6 trillion to the State budget, up 63 per cent compared to 2019.

PVOIL provided crude oil for the operation Dung Quat Oil Refinery in the central province of Quang Ngai and guaranteed the supply of E5 RON92 biofuel. — VNS