PetroVietnam Construction Joint Stock Corp (coded PVX) has lately released the Q1 financial reports with total net revenue of 279 billion dong, down 61 percent against the same period last year. Thanks to drop of 63 percent in principal sales price, the company’s consolidated profit saw a year-on-year slump of 22 percent to 25.7 billion dong.
In details, the company’s revenue gained from construction activities decreased sharply from 693 billion dong in Q1 of 2011 to 277 billion dong, while principal sales price down from 662 billion dong to 252 billion dong this year.
The financial revenue also witnessed sharp plunge from 88 billion dong to 2 billion dong.
Thanks to reduction in financial costs and management costs, the company’s pre-tax profit was posted at 5.4 billion dong, while after tax profit of 5.1 billion dong, equivalent to 10 percent of the same period last year.