PetroVietnam Fertilizer Q1 gross profit down 10 percent

PetroVietnam Fertilizer and Chemicals Co. said Tuesday its first quarter gross profit fell 10 percent compared to last year, falling to VND377 billion (US$21 million), despite a surge in revenues.

The company said revenues jumped 97 percent from a year earlier to VND1.98 trillion.

The company, the country’s top fertilizer maker, said earnings this year could fall 25.5 percent to VND1.08 trillion due to higher costs. It did not give details.

PetroVietnam Fertilizer shares Tuesday jumped nearly 5 percent to close at VND40,200.

thanhnien, reuters

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