Hanoi (VNA) – The Vietnam National Petroleum Group (Petrolimex) incurred a loss of over 1.8 trillion VND (78.2 million USD) in the first quarter due to the impact of COVID-19, according to its financial statement announced on May 5.

Petrolimex explained that due to the slumping petrol prices in the world, provision fund to make up falling prices of inventories has amounted to 1.5 trillion VND.

Specifically, its revenue topped 39.49 trillion VND while costs surpassed 38 trillion VND. The profit ratio dropped from over 9 percent to 3.7 percent.

Meanwhile, domestic petrol prices hit 11-year low since April.

Petrol sales went down 10 percent year-on-year while profits of its affiliates working in transportation, gas, petrochemicals also decreased from the same period last year./.