Business

PV Gas’s Jan-May revenue surpasses goal despite pandemic

The PetroVietnam Gas Corporation (PV Gas), a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam), reported nearly 27.6 trillion VND (1.18 billion USD) in revenue between January and May, more than 6 percent higher than its target for the period.
PV Gas’s Jan-May revenue surpasses goal despite pandemic ảnh 1Illustrative image (Photo: pvn.vn)
Hanoi (VNA) - The PetroVietnam Gas Corporation (PV Gas), asubsidiary of the Vietnam Oil and Gas Group (PetroVietnam), reported nearly27.6 trillion VND (1.18 billion USD) in revenue between January and May, morethan 6 percent higher than its target for the period.

Pre-tax profit stood at over 4.5 trillion VND, exceeding the target by34 percent. It also contributed close to 2 trillion VND to the State budget, 62percent higher than expected.

According to PV Gas General Director Duong Manh Son, its operations wereimpacted by the COVID-19 pandemic triggering a fall in oil prices.

PV Gas has made every effort to sustain its business, reduce inventory, andclear several construction hurdles, he said.

As such, the company produced and distributed nearly 3.8 billion cubicmetres of gas in the first five months of this year, meeting its target. Productionand distribution of LPG and condensate stood at 720,000 and 26,000 tonnes,respectively, 41 and 10 percent higher than targeted./.
VNA
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