A factory of PVG. The company has reduced its revenue target for 2015 due to decline of oil price. – Photo panoramio.com

HA NOI (Biz Hub) — PetroVietNam Northern Gas JSC (PVG) has revised its revenue target in 2015 down to VND2.52 trillion ($112.55 million) from nearly VND3.7 trillion (US$165.25 million), according to a decision released by PVG's Management Board on January 26

The figure was adjusted because oil prices have declined unexpectedly since last year. The company had set a target for 2015 when the oil price was around $100 per barrel. On December 26, it was around $29 per barrel on the West Texas Intermediate, a grade of crude oil used as a benchmark in oil pricing.

The company has not yet released its consolidated financial statement for the fourth quarter of last year, but it reported the parent company's revenue for 2015 at VND2.55 trillion ($113.89 million), with after-tax profit of VND19.43 billion ($867,798).

Early last year, PVG targeted earnings of nearly VND3.7 trillion (US$165.25 million) and an after-tax profit of VND17.7 billion ($790,531).

PetroVietNam Gas Joint Stock Corporation and PetroVietNam Southern Gas JSC also reduced their business outlook due to the decline in oil prices. —VNS