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.
Illustrative image (Photo: pvn.vn) Hanoi (VNA) - 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.
Pre-tax profit stood at over 4.5 trillion VND, exceeding the target by 34 percent. It also contributed close to 2 trillion VND to the State budget, 62 percent higher than expected.
According to PV Gas General Director Duong Manh Son, its operations were impacted by the COVID-19 pandemic triggering a fall in oil prices.
PV Gas has made every effort to sustain its business, reduce inventory, and clear several construction hurdles, he said.
As such, the company produced and distributed nearly 3.8 billion cubic metres of gas in the first five months of this year, meeting its target. Production and distribution of LPG and condensate stood at 720,000 and 26,000 tonnes, respectively, 41 and 10 percent higher than targeted./.
Pre-tax profit stood at over 4.5 trillion VND, exceeding the target by 34 percent. It also contributed close to 2 trillion VND to the State budget, 62 percent higher than expected.
According to PV Gas General Director Duong Manh Son, its operations were impacted by the COVID-19 pandemic triggering a fall in oil prices.
PV Gas has made every effort to sustain its business, reduce inventory, and clear several construction hurdles, he said.
As such, the company produced and distributed nearly 3.8 billion cubic metres of gas in the first five months of this year, meeting its target. Production and distribution of LPG and condensate stood at 720,000 and 26,000 tonnes, respectively, 41 and 10 percent higher than targeted./.
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