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PetroVietnam Fertilizer says 2008 profit missed forecast
PetroVietnam Fertilizer and Chemical Joint-Stock Co., Vietnam’s third-biggest listed company by value, reported 2008 pretax profit missed its own estimate because of falling prices.
Profit rose 36 percent to VND1.5 trillion (US$86 million), the Ho Chi Minh City-based company said in a statement on Tuesday, short of its November 25 estimate of VND1.75 trillion ($100 million).
“Earnings increased from more than VND1.1 trillion ($63.2 million) a year earlier, but fell short of our earlier estimate after prices of our products dropped,” said Chief Executive Officer Phan Dinh Duc.
The deepening global economic crisis lowered prices of products, including fertilizer, in both international and local markets, according to Duc. PetroVietnam Fertilizer makes more than 40 percent of the 1.7 million tons of fertilizer used in Vietnam each year.
“In November, we forecasted fertilizer prices to be at VND6,000 a kilo but after that, it fell to VND5,000,” Duc said by phone.
Total revenue rose to more than VND6 trillion ($344.7 million), the statement said, without providing a comparable figure.
Bloomberg
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