Vietnam's PV Gas net profit sees 50% increase in Jan-Sep
The result was partly thanks to an increase in oil prices in the world market, reaching US$71.4 per barrel, up 42% compared to PV Gas` original estimate and US$20 year-on-year.
Energy firm PetroVietnam Gas (PV Gas), a subsidiary of state-run Vietnam Oil and Gas Group (PetroVietnam), posted a net profit of VND9.08 trillion (US$391.42 million) in the first nine months of 2018, up 50% year-on-year, stated the company.
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During the period, PV Gas' gas exploitation reached 7.2 billion cubic meters, 1.1 million tons of liquefied petroleum gas (LPG) and 71,000 tons of condensate, exceeding the respective 9-month estimates by 4%-54% year-on-year.
Overall, PV Gas and its member companies supplied a combined of 1.3 million tons of LPG in the January - September period, accounting for 63% of the market share for LPG.
In the first nine months of 2018, PV Gas' revenue stood at VND57.64 trillion (US$2.48 billion), equivalent to 143% of the 9-month plan and up 19% year-on-year. The company's pre-tax profit was reported at VND11.28 trillion (US$486.26 million), equivalent to 185% of the 9-month plan and up 48% year-on-year.
Additionally, PV Gas contributed VND4.22 trillion (US$181.91 million) to the state budget, equivalent to 191% of the 9-month plan and up 32% year-on-year.
Under the list of state-owned enterprises earmarked for divestment during 2017 - 2020, PetroVietnam would divest 30% of its stake at PV Gas from the current 95.76% to 65% in the 2018 - 2019 period. However, the move is expected to be delayed beyond 2020, which is part of PetroVietnam's restructuring plan in the 2017 - 2025 period. The plan was submitted to the Ministry of Industry and Trade for approval.
At the current market price of VND101,800 (US$4.39) a share, the divestment of 30% stake at PV Gas, or equivalent to 587 million shares, would raise at least VND59.75 trillion (US$2.57 billion) for the state budget.
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