PVD’s H1 consolidated profit increases 65b dong against unconsolidated figure

PetroVietnam Drilling and Well Services Corp (PVD) has reported its consolidated business results for the second quarter of this year with net revenue of over 2.063 trillion dong, equalling to the figure in last Q2.

However, due to the higher ratio of original costs on net revenue, its consolidated profit decreased over 2 percent from the same period last year.

Its financial revenue decreased 23 percent while the financial costs increased over 8 percent, therefore the company suffered a loss of over 101 billion dong in financial activities. In last Q2, its loss was 82 billion dong.

The corporate administration costs also increased from 91.88 billion dong in last Q2 to 182.23 billion dong, causing the decline in its profit after tax (PAT) in Q2.

As explained, PVD spent 40 billion dong on its technology and science fund by the middle of this year.

Its PAT in Q2 was 224.84 billion dong, of which, the PAT of the holding company was 222.61 billion dong, down 31 percent year-on-year.

Totally in Jan-Jun, PVD gained 523.22 billion dong PAT, rising 25.8 percent from the same period last year with the earnings per share (EPS) of 2,495 dong.

Thus, after the first six months of this year, the company fulfilled 52 percent of the year’s revenue plan (eight trillion dong) and 58 percent of the year’s profit target (900 billion dong).

 

Category: Business