Petrol retailer Petrolimex loses nearly $53mln in H1

However, the Vietnam National Petroleum Group (HoSE: PLX) suffered VND1,250 billion ($52.5 million) loss in the Jan.-June period. 

The oil firm reported VND677 billion ($29.3 million) net income in the previous quarter, down 37% from a year earlier when revenue fell 46% to VND26.7 trillion ($1.15 billion) due to the impact of COVID-19.

In the quarter, gross profit margin increased to 10.3% from 7.4%. The company’s revenue in the six-month period dropped 28.9% to VND65 trillion ($2.8 billion).

In 2020, the petroleum retailer targets a total revenue of VND122 trillion ($5.3 billion) and pre-tax profit of VND1,570 billion ($68 million), equivalent to 64% and 28% of 2019 achievements.

As of end-June, the company’s total assets fell 3.9% to VND59,343 billion ($2.5 billion). Cash and short-term financial investments worth VND17,150.3 billion ($742 million), accounting for 28.9% of total assets.

Fixed assets worth VND15,209.3 billion ($657 million), accounting for 25.6% of total assets. Inventories were estimated at VND8,910.6 billion ($385 million), accounting for 15% of total assets.

The firm reported consolidated $81 million loss in the first quarter of 2020 due to low oil prices and fuel demand due to the Covid-19 pandemic.  

► Petrolimex’s 1Q net loss at nearly $81mln from $51mln net income