AsemconnectVietnam - After the deceleration in 2022, PetroVietnam General Services Corporation (Petrosetco, code PET - HoSE) continued to report a sharp drop in profit in the first 2 months of 2023.

Specifically, in February 2023, Petrosetco announced revenue of VND1,564 billion, up 25.9% over the same period and pre-tax profit of VND35 billion, down 14.6% over the same period. In which, gross profit margin decreased from 5.6% to 4.9% and pre-tax profit margin decreased sharply from 3.3% to 2.2%.
Accumulated in the first 2 months of 2023, Petrosetco recorded a revenue of VND2,774 billion, down 3.6% over the same period and profit after tax recorded at VND37 billion, down 50% compared to the same period last year. In which, gross profit margin decreased from 4.8% to 4.4% and pre-tax profit margin decreased sharply from 2.6% to only 1.3%.
In terms of revenue structure, in the first 2 months of 2023, distribution revenue decreased by 5% over the same period to VND2,435 billion; Catering service revenue increased by 7.8% over the same period, to VND139 billion; real estate management and leasing revenue increased by 5.5% over the same period, to VND77 billion; and revenue from other fields increased by 10.8% over the same period to VND123 billion.
Thus, in the first 2 months of the year, revenue decreased mainly due to the distribution sector. In which, mainly due to laptop sales down 56.3% over the same period, about VND450 billion; PP and LPG revenue decreased by 30.6% over the same period, about VND200 billion; revenue from other IT equipment decreased by 0.9% to VND227 billion; and mobile phone revenue increased by 53% to VND1,558 billion.
Previously, in the fourth quarter of 2022, Petrosetco recorded revenue of VND4,835.1 billion, down 20.9% over the same period and profit after tax recorded VND0.74 billion, down 99.5% compared to the same period last year. In which, gross profit margin decreased from 5.8% to 5.5%.
Accumulated in 2022, Petrosetco recorded revenue of VND17,665.4 billion, up 0.4% over the same period and profit after tax recorded VND167.84 billion, down 46.1% over the same period last year.
N.Nga
Source: VITIC/Tinnhanhchungkhoan