PVGas' revenue down 6.6 percent in Q1 hinh anh 1Illustrative image (Photo: pvgas.com.vn)
Hanoi (VNS/VNA) - PetroVietnam Gas Corporation JSC (PVGas) earned 17.5 trillion VND (743.4 million USD) of total revenue in the first quarter of the year.

The figure was down 6.6 percent year-on-year but still beat its target by 14 percent.

Pre-tax profit and post-tax profit fell about 31 percent year-on-year to 2.6 trillion VND and 2.1 trillion VND, respectively.

Realised profits exceeded targets set for the first three-month period by 33 percent and 35 percent, respectively.

According to the group, business operations in the first quarter were hindered by the spread of the coronavirus pandemic which suspended plants and pulled market demand down.

In addition, oil prices lost two-thirds since the beginning of the year to hit a four-year low of 22-23 USD a barrel on March 31, way below the expected level of 60 USD a barrel eyed by the company for 2020.

In the first quarter, PVGas was supplied more than 2.35 billion cubic metres of wet gas to produce nearly 2.3 billion cubic metres of dry gas, 15,200 tonnes of condensate gas and 426,200 tonnes of liquefied petroleum gas (LPG).

The company in 2019 recorded total revenue of 75.6 trillion VND, which was almost unchanged from 2018's figure, and 2.16 trillion VND in post-tax profit, up 3.84 percent year-on-year.

The earnings figures beat last year’s targets by 18 percent and 59 percent in total revenue and post-tax profit.

PVGas forecast its total revenue in 2020 will fall to 66.16 trillion VND and post-tax profit will be halved to 6.63 trillion VND. The company plans to pay a dividend rate of 30 percent.

PVGas has also postponed its annual shareholders’ meeting, which was previously scheduled for April 14. The new date will be set before June 30.

PVGas shares (HoSE: GAS) soared 6.9 percent to end on April 9 at 67,000 VND per share./.