Profits low for VN's Petrolimex
Play
Vietnam National Petroleum Corporation (Petrolimex) has earned low profits recently, Deputy General Director Tran Ngoc Nam told the local press.
He attributed the low profit from domestic fuel trading to the government’s target to curb inflation, stabilise the economy and ensure social security.
He affirmed the poor earnings after many local newspapers quoted Petrolimex’s financial report from the first half of this year and its whopping pre-tax profit of VND898 billion (US$42.69 million).
Profit from trading fuel accounts for VND388 billion ($587 million) or 43 per cent of the total sum with an average of VND94 per litre. It is followed by earnings from the Petrolimex subsidiaries with VND302 billion or 34 per cent.
This figure reached 46.27 per cent of this year’s shareholder approved plan. Still, earning falls quite short of the full-year target of the country’s largest fuel wholesaler at VND1.98 trillion in 2013. With only 45 per cent of the plan covered, Petrolimex said it will make an effort to earn more in the second half.
