PetroVietnam Oil reports 460 pct increase in profit

By Thuy Tien February 2, 2021 | 07:10 pm PT

A worker walks in a fuel storage complex of PetroVietnam Oil in Ho Chi Minh City. Photo by VnExpress/Huu Khoa.

A decline in oil prices during the last quarter of 2020 reduced costs for state-owned fuel retailer PetroVietnam Oil, increasing its net profits to VND190 billion ($8.2 million).

In the period, revenues fell by 56 percent year-on-year to VND9.09 trillion, but with average Brent crude prices falling by 33 percent to $44.1 per barrel, profits skyrocketed by 460 percent.

PV Oil said financial charges were 53 percent lower and selling expenses fell by 4 percent.

However, for full-year 2020, the company reported losses of VND177 billion following losses of VND540 billion in the first quarter when Covid-19 broke out and oil prices surged. Revenues fell 37 percent to VND50 trillion.

PV Oil is the second largest fuel retailer after the Vietnam National Petroleum Group with a market share of around 22 per cent.

In Laos too it is the second largest retailer with a 10 percent share.