Petrolimex revises business targets downwards

Petrolimex Import Export Joint Stock Company (PIT) has revised down its pre-tax profit target of 33 percent for the year, from 45 billion VND (2.7 million USD) to 30 billion VND (1.8 million USD).

The adjustment is based on disappointing results in the first nine months of the year, and estimates for the remainder of 2008.

Difficulties in the domestic economy also affected the results. In the first nine months of the year, the company made 1.38 trillion VND (82.1 million USD) in revenue and 36 billion VND (2.1 million USD) in pre-tax profit.

PIT expects to make a revenue of 1.7 trillion VND ( 101.2 million USD) this year, and earn revenue of 1.54 trillion VND (91.7 million USD) and a pre-tax profit of 33 billion VND (1.96 million USD) next year.

VNA

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