PVTrans’ pre-tax profits soar over nine months

13:09 | 20/10/2018 Energy

The pre-tax profit of the PetroVietnam Transportation Corporation (PVTrans) hit 540 billion VND in the first nine months of this year, 42 percent higher than the same period last year and meeting the target set for this year. 

A PVT Hera tanker - Source: pvn.vn

Its total revenue reached 5.7 trillion VND (US$247.8 million) which is expected to rise to 7 trillion VND this year. Its member companies such as Pacific, Gas Shipping, NVTrans, and PVTrans OFS successfully fulfilled their revenue and profit targets.

PVTrans attributed the growth to favorable conditions at home and abroad. During the period, crude oil prices in the world market moved up to US$70-80 per barrel.

In particular, the Dung Quat Oil Refinery is working stably, while Nghi Son Oil Refinery holds plans for commercial production in November 2018.

Since early this year, PVTrans and member units have transported batches of crude oil by very large crude carrier (VLCC) and output products to the Nghi Son Oil Refinery.

It also invested in PVT Hera – the largest Aframax tanker in Vietnam, and a carrier of liquefied petroleum gas (LPG) for oil transportation in international markets.

In order to fulfil the set targets this year, PVTrans will continue investing in a Supramax vessel with a capacity of nearly 60,000 DWT, two LPG carriers, and a tanker of chemicals.

It has also paid attention to governance, inspection, supervision, and risk mitigation.

Theo VNA