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PetroVietnam Finance $55.6 m profit
HCM City-listed PetroVietnam Finance (PVFC) has targeted VND1.03 trillion (US$55.6 million) in pre-tax profits this year, nearly double last year's results.
The company also projected a turnover of VND5.05 trillion ($273 million) and a dividend payment of 12.9 percent, said Tong Quoc Truong, General Director.
He told reporters that the company would develop new credit services and products, apply new administrative software and enhance staff training, in an attempt to achieve the goal.
It would also reinforce investment in short-term portfolios to keep up with market moves, focus on its credit arrangements with PetroVietnam's subsidiaries, as well as reduce PetroVietnam's stake in it by 18 percent.
In relation to the company's role of arranging credit for PetroVietnam projects, Truong revealed that the PVFC would act as a consultant for its parent company to issue VND5 trillion ($270.3 million) worth of bonds in the first quarter of this year.
Meanwhile, plans for an international corporate bond sale by PetroVietnam were being held up, waiting for Morgan Stanley's creditworthiness assessment to be finalised, Truong said, without giving more details on the time or value of the sale.
He noted that plans to list on the Singapore Stock Exchange would continue to be implemented, but an exact listing date had yet to be revealed.
"We have contingency plans in place, in case of an unfavourable market," Truong said, adding that the overseas listing would help with global marketing.
Last year, the company posted VND5.65 trillion ($305.4 million) in turnover, beating the year's target by 45 per cent. Its pre-tax profits also exceeded the year's target by 53 percent at VND611 billion ($33 million).
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