PetroVietnam Finance JS Corp (PVFC-coded PVF) has reported its consolidated business results in the second quarter of 2012 with a year-on-year profit growth of 46 percent in other activities, reaching 775 billion dong.
Notably, the company’s net interest income suffered a loss of 384 billion dong after gaining a profit of 22 billion dong in last Q2.
Thanks to a year-on-year decline of over 60 percent in operation costs, from 500 billion dong to less than 200 billion dong, PVF still gained profit before spending on credit risk provision fund at 78 billion dong, 2.5 fold increase on year.
In the period, the company had to spare 41 billion dong for provision fund while in last Q2 it had a refund of nearly 13 billion dong, therefore, the difference of pre tax profit was negligible. In this quarter, the company was allowed to delay corporate income tax (CIT) payment, so its after tax profit increased to 38.5 billion dong, half as much against the same period last year.
The interest of minority shareholders accounted for 94 percent of the total after tax profit, therefore, the profit of the holding company was only 2.2 billion dong.
Cumulatively, in Jan-Jun, PVF’s net interest income was negative 677 billion dong. However, the company had other profit of 1.568 trillion dong, twofold increase year-on-year.
After spending on costs and tax, the company’s after tax profit was 202 billion dong, rising 26 percent on year. However, the profit of the holding company was 163 billion dong, down 37 percent on year.
The earnings per share (EPS) reached 272 dongs.