Vietnam National Petroleum Group Reports Consolidated Earnings Results for the First Quarter of 2016
Vietnam National Petroleum Group reported consolidated earnings results for the first quarter of 2016. Total consolidated revenues (by all Petrolimex’s affiliates and associated firms in all trading businesses: petroleum, gas, lubricants, transportation, design, mechanics, installation, insurance, and others) totaled VND 27,540 billion (USD 1.23 billion), equal to 72.6% of the same period. The lower profit is reportedly attributed to a decrease of 30.8% of the global crude prices as compared to the first quarter of 2015 (West Texas Intermediate (WTI) averaged $33.63 per barrel in the first quarter of 2016, down from $48.57 per barrel in the same quarter of 2015). Pretax earnings were VND 1,371 billion, reaching 34.6% of the full-year’s target. Total net profit was VND 1,134 billion ($50.4 million).