A Petrolimex petrol station. — Photo saigontimedaily

HA NOI (Biz Hub) — Vietnam National Petroleum Group (Petrolimex) posted pre-tax consolidated profit of VND1.37 trillion (US$61.6 million) in the first quarter of this year, double the profit reported in the same period last year.

After paying corporate income tax, profit was at VND1.13 trillion, of which VND360 billion came from the parent company, four times higher than what was posted last year.

According to a report by the Finance Ministry's Price Management Department, the world's average price of petrol during the period saw a year-on-year decline of between 27 per cent and 49 per cent.

In April, Petrolimex had announced its production and business results for 2015. The company made VND146.9 trillion in consolidated revenue, equal to 70 per cent of its yearly target. However, its pre-tax profit was at VND3.75 trillion, an increase of 53 per cent compared with its target and 10 times higher than 2014.

Of this amount, profit from the oil and petrol business was at VND1.98 trillion. Meanwhile, non-core profit, which came from insurance, petrochemistry and gas, was at VND1.75 trillion.

The group's average income was nearly VND9 million per month. — VNS