AsemconnectVietnam - In the first quarter, PV OIL had to pay nearly VND25 billion in deferred corporate income tax, so profit after tax decreased by 8% over the same period, to VND244 billion, completing 41% of the year's profit target.

The latest financial statements of Vietnam Oil Corporation - PVOIL (code OIL) show that, in the first quarter, OIL recorded net revenue of VND29,624 billion, an increase of 44% over the same period last year. With the cost price increasing by 45% to VND28,447 billion, the company's gross profit also increased by 20%, to VND1,177 billion.
This period, OIL's financial revenue increased by 30%, to 207 billion VND thanks to the exchange rate difference. Financial expenses decreased by 41%, to VND 52 billion, mainly due to reduced interest expenses. In addition, OIL's selling expenses increased by 30%, to VND 743 billion, and corporate management expenses increased by 11%, to VND 301 billion.
As a result, OIL's pre-tax profit is VND299 billion in the first quarter of 2024, an increase of 5% over the same period; But profit after tax decreased by 8%, to VND244 billion. The reason is that this period, OIL had to pay nearly VND25 billion in deferred corporate income tax, while in the same period it was only VND3.2 billion.
This year, OIL targets petroleum business output to reach 5 million m3/ton; Consolidated revenue reached VND83,000 billion (built according to the planned crude oil price of 70 USD/barrel); Consolidated pre-tax profit reached VND740 billion; Consolidated profit after tax reached VND592 billion. Thus, in the first quarter, OIL completed 41% of the year's profit target.
On the balance sheet by the end of the first quarter of 2024, PVOIL has nearly 36,660 billion VND in total assets, down VND2,179 billion compared to the beginning of the year. OIL owns more than VND4,634 billion in cash and cash equivalents, down VND743 billion; Short-term receivables also decreased by VND2,744 billion, to VND10,366 billion. In contrast, short-term financial investments increased by VND350 billion, reaching VND10,242 billion, and inventories increased by VND965 billion, to VND5,136 billion.
Meanwhile, OIL still has VND24,988 billion in liabilities, a reduction of VND2,458 billion. The largest portion of OIL's debt structure is short-term payments to sellers of VND11,018 billion, accounting for 44%; short-term financial lease debt of VND5,279.5 billion, accounting for 21%.
N.Nga
Source: VITIC/Tinnhanhchungkhoan