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Petrolimex (PLX) profit up 11 per cent
The Viet Nam National Petroleum Group (Petrolimex) reported post-tax profits of VND2.4 trillion (US$102.6 million) in the first six months of the year, up by 11 per cent year-on-year and equivalent to 60 per cent of the entire year’s target.
The group achieved revenue of VND91.7 trillion in the period, down by 5 per cent year-on-year.
In the second quarter, the group earned nearly VND50 trillion in revenue, down 3 per cent year-on-year.
The cost of goods sold decreased further, so the group's gross profit dropped 12 per cent to VND3.5 trillion in the second quarter.
Selling expenses accounted for a large proportion of Petrolimex's total expenses, increasing from VND2 trillion to VND2.2 trillion.
After excluding all types of expenses, Petrolimex in the second quarter recorded profit after tax of VND1.25 trillion, down 3 per cent compared to the same period last year.
As of the end of June, Petrolimex's total assets had reached VND58 trillion, 3 per cent higher than the beginning of the year. Of the figure, cash and cash equivalents were VND9.6 trillion, down 3 per cent, and accounting for 17 per cent of total assets.
Short-term receivables stood at VND8.3 trillion, an increase of 11.4 per cent year-on-year, while inventories were VND10.8 trillion, up by 6 per cent year-on-year.
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