PVC: Explains Holding Company’s Net Profit Decrease by 40.8pct YoY to 80.6b dong in Q2/2012

Drilling Mud Corporation (PVC) holding company reported its net profit of VND80.6 billion in Q2/2012, down 40 percent from a year back with VND136.19 billion. The firm said in its financial statement sent to HNX’s website on July 23.

The firm generatedVND346.35 billion revenues in the quarter, down 11.5 percent on year, the figure showed.

Of note, the firm’s financial expenses soared by 66.5 folds to VND20.75 billion in Q2/2012 from VND312.62 million in Q2/2011.

The firm had total VND1.07 trillion assets by end of the quarter, versus VND1.095 trillion at beginning of the year.

In H1/2012, the firm earned VND81.04 billion net profit on VND733.61 billion revenues, compared with VND140.62 billion net profit on VND915.05 BILLION revenues in H1/2011.

The firm explained its net profit down in Q2/2012 due to following reasons:

– Low sales, high inventories and low global petroleum prices.

– In Q2/2011, the DMC corporation transferred its capital contribution at CNG Vietnam and the profit from transferring was VND52.13 billion.

– Income tax in Q2/2012 fell by VND16.6 billion, causing its net profit dropped VND55.59 billion.

At closing today, PVC was traded down 1.94 percent at VND15,200/share or P/E at VND6.34.

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Category: Business