Petrolimex reports $44 mln profit

Petrolimex has reported pre-tax profits of over VND1 trillion ($44 million) in the first quarter thanks to the Covid-19 pandemic being contained and rising global oil prices.

It has made a loss of VND1.7 trillion in the same period last year.

The management of the country’s top fuel retailer said oil prices had risen 24 percent from last year to over $59 per barrel by the end of March.

In the same period last year, they had plummeted 66 percent to around $22 per barrel.

Revenues in the first quarter remained virtually unchanged from a year earlier, at VND38.2 trillion.

It has targets of VND135.2 trillion in revenues and VND3.3 trillion in pre-tax profits, up 9 percent and 138 percent respectively, for the full year.