Petrolimex reports $44 mln profit
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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.
Questions & Answers
Q.What is the primary reason given for Petrolimex's improved financial performance this quarter?
What is the primary reason given for Petrolimex's improved financial performance this quarter?
The company attributed its first-quarter pre-tax profits to the containment of the Covid-19 pandemic and a significant rise in global oil prices. These factors helped reverse last year's losses.
Q.How do this quarter's profits compare to the same period last year for Petrolimex?
How do this quarter's profits compare to the same period last year for Petrolimex?
Petrolimex reported over $44 million in pre-tax profits this quarter, a substantial improvement from the VND1.7 trillion loss it made in the same period last year. This marks a significant turnaround.
Q.What are Petrolimex's financial targets for the full year?
What are Petrolimex's financial targets for the full year?
For the full year, Petrolimex aims for VND135.2 trillion in revenues and VND3.3 trillion in pre-tax profits. These targets represent increases of 9 percent and 138 percent respectively.
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