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Petrolimex posts huge pre-tax profit amid fuel hike
Vietnamese fuel giant Petrolimex Friday announced its financial report in the first half of this year, with a whopping pre-tax profit of VND898 billion, or US$42.69 million.
The earning, announced by company representative Le Van Tuyen, is against prediction of insiders, who thought it would have been much lower, given the rising global fuel prices.
Profit from trading fuel accounts for VND388 billion, or 43 percent, of the total sum, Tuyen said. It is followed by earning from the Petrolimex subsidiaries, with VND302 billion (34 percent).
Still, the earning falls quite short of the full-year target of the country’s largest fuel wholesaler -- VND1.98 trillion in 2013.
With the plan only 45 percent covered, Petrolimex said it will exert effort to make it in the second half of the year.
Petrolimex earning was announced at a time when the Vietnamese fuel market is still in a mess, with wholesalers lamenting on losses while they are in fact raking profits.
According to a report by the Vietnam Fuel Association on Thursday, local fuel wholesalers currently break even on the A92 gasoline commodity, based on the comparison between the average import price in 30 days of $117.16 a barrel.
But those who imported the products within the last ten days are enjoying a profit of VND630 per liter as the average import price in this time span is only $112.8 a barrel.
Wholesalers thus rushed to increase commissions to attract dealers, while keep complaining that they are operating with a loss.
Commissions range from VND600 per liter to even VND900 a liter, according to fuel dealers.
On July 17, A92 gasoline price set a new record by going up by VND460 per liter to VND24,570 per liter, the highest-ever since last March.
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