PV Gas’ profit fell by 30% in the third quarter, speeding up investment in unfinished projects
VietReader 21-10-2020, 23:41

PV Gas saw Q3 net profit down 30% YoY, reaching 2,023 billion dong. The company made a profit of VND 6,247 billion after 9 months, down 31% and completed 94% of the year plan. Corporations pour more money to accelerate large unfinished projects.

PetroVietnam Gas Corporation (PV Gas, HoSE: GAS) has just announced the third quarter consolidated financial statements with net sales down more than 16% to 15,937 billion. Gross profit plummeted 33% to VND 2,906 billion.

During the period, finance revenue also dropped by 14% to 384 billion mainly due to lower interest income on deposits. However, financial expenses, selling and administrative expenses were also reduced compared to the same period last year. Accordingly, parent company EAT is 2,023 billion dong, down by 30% YoY.

PV Gas’ profit fell by 30% in the third quarter, speeding up investment in unfinished projects

Unit: billion dong.

In the first 9 months of the year, PV Gas recorded a 16% decrease in revenue to 48,625 billion VND and a 31% decrease in parent company’s shareholder profit to 6,129 billion VND. Earnings per share after 9 months reached 3,057 VND.

In the production report for the first 9 months of the year, PV Gas leaders said that the financial ratios were lower than the same period, mainly due to the 12% decrease in onshore gas output, the decrease of average oil prices of commodities such as Brent by 37%, FO down 40%, LPG down 10%.

In 2020, the corporation sets a target of 66,164 billion dong in revenue and 6,636 billion dong in profit after tax. Thus, the business has completed more than 94% of the year profit plan after 9 months.

At the end of September, total assets of PV Gas reached more than 61,700 billion VND; mostly cash and bank deposits with a value of 26,732 billion (down 2,660 billion compared to the beginning of the year). Meanwhile, the value of long-term work in progress increased 3,400 billion to 6,420 billion. In-progress projects with a strong increase in investment are the Nam Con Son 2 gas pipeline – Phase II; project of gas gathering and transporting pipeline project at Sao Vang Dai Nguyet field; LNG storage capacity of 1 million tons / year in Thi Vai.

Corporations pour more money to accelerate large unfinished projects.

Source: ndh.vn – Translated by fintel.vn

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