Petrolimex reports 172 percent rise in profits hinh anh 1Petrolimex gas station in downtown Ho Chi Minh City (Photo: petrolimex)

Despite a loss in revenue, the Vietnam National Petroleum Group (Petrolimex) reported after-tax profits of 1.125 trillion VND (50.8 million USD) in the second quarter, an increase of 172 percent over the same period last year.

The group released its consolidated financial statement on August 15, saying that it had reached 43.565 trillion VND (1.97 billion USD) in net revenue, down 22 percent compared to the same period last year.

However, it said the cost reduction had helped it gain better after-tax profits for the second quarter.

Similarly, though sales in the first half of the year were 81 trillion VND (3.66 billion USD), falling 20 percent over the same period, the after-tax profits reached 1.586 trillion VND (71.7 million USD), as much as 137 percent higher than in the same period last year.

The group recorded 124 billion VND (5.6 million USD) in after-tax profits, and its joint ventures and affiliates, as much as an increase of 33 percent over the same period last year.

The report said the group's financial costs had risen by 54 percent, and the cost of sales and administration expenses had slightly increased by 1 and 8 percent, respectively.

The group has charter capital of 10.7 trillion VND (484 billion USD) and 1.07 billion shares traded in the over-the-counter market.

Established in 1996, Petrolimex is one of 19 wholesale fuel traders in the country. With 27 joint ventures and affiliates, it now holds nearly 50 percent of the retail market.

Petrol prices this year have risen four times and fallen five times. The price of one litre of the most popular fuel, petrol RON 92, is 1,420 VND (0.06 USD) higher than the price at the end of 2014.-VNA