PV Gas revises down 2015 financial targets

PV Gas revises down 2015 financial targets Minh Tam By Minh Tam – The Saigon Times Daily HCMC – PetroVietnam Gas Corporation (PV Gas) has revised down its revenue and profit targets for this year though the firm said earlier that it had met its full-year output and sales targets. PV Gas’s board of directors approved the revision at a meeting on Monday. Total revenue has been revised down to VND61 trillion (US$2.7 billion), 12.3% lower than the initial target. Pre-tax profit will be VND10.3 trillion, down 27.3%, and after-tax profit VND8.2 trillion, down 28.9%. The firm’s tax payments will drop by VND270 billion to VND4.3 trillion. Meanwhile, the parent firm’s revenue has been adjusted down by 12.1% to VND54.5 trillion, pre-tax profit down 28.4% to VND10 trillion, after-tax profit down 29.5% to VND8 trillion and tax payments down by VND563 billion. Chartered capital will shrink 33.2% to some VND19.14 trillion. All the falls boil down to the falling prices of crude oil and liquefied petroleum gas (LPG) this year. Le Nhu Linh, chairman of PV Gas, told reporters early this year that the firm’s financial targets were based on the world oil price forecast of US$100 per barrel. Those… Read full this story

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