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PET: Explanation for business results in quarter 3/2010
Petrovietnam General Service Joint Stock Corporation (Petrosetco) (HOSE: PET) has explained business results in quarter 3/2010 beside quarter 3/2009 as follows:
• Revenue in quarter 3/2010 reached 2,599 billion dongs and increased 46.5% (1,774 billion dongs) beside quarter 3/2009. Profit before tax in quarter 3/2010 reached 64.8 billion dongs and increased 39.4% (46.5 billion dongs) beside quarter 3/2009.
• PETROSETCO bought Petroleum Offshore Trading And Services Company Limited; PetroVietnam Assets Management Co., Ltd. in quarter 4/2009 and Hanoi Trading Co. Ltd. (*); Best Food in quarter 1/2010. The new subsidiaries brought more revenue and profit to PETROSETCO. In quarter 3/2009, the subsidiaries did not bring revenue to the parent company.
• The company canceled the unprofitable businesses and has promoted profitable businesses. Business of telephone and IT products grew more than that in 2009 and revenue from it increased 11% beside quarter 3/2009.
• Business of supplying equipments in oil and gas industrial brought good revenue in quarter 3/2010 and the business was not founded in 2009.
• Petroleum Industrial Materials Distribution Company supplied plastic pellets on the market and brought 8.63% of revenue to PETROSETCO.
(*) Temporary translation.
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