Petrolimex lossed more than VND1,800 billion in H1 2011

Ministry of Finance (MF) has reaffirmed about Petrolimex’s losses of over VND1,800 billion in the first half this year as announced by head of the Ministry of Industry and Trade (MIT).

MF said the operating petrol prices is consistent between MF and MIT. no have the difference about profit, loss reports between two Ministries on incomes of Petrolimex, which accounts for 60% market share in Vietnam.

This confirmation was stated on november 25th, afternoon by FM, a day after public raised doubts about heads of two Ministries made two different figures about profit and loss of Petrolimex. Minister of MIT – Vu Huy Hoang reported loss, meanwhile Minister of FM – Vuong Dinh Hue reported profit of this petrol supplier.

In report of FM, according to report of Deloitle audit company, Petrolimex has been being made profit regularly in last three years (2008, 2009, 2010). Specifically, in 2008, Petrolimex made profit of VND1,018 billion, include VND642 billion from petrol and VND376 billion from other acctivities.

In 2009, Petrolimex made frofit of VND3,217 billion, included VND2,660 billion from petrol and VND557 billion from other activities.

In 2010, Petrolimex made profit only VND 81 billion thanked to other activities while loss in petrol business.

As reported by Petrolimex, in the first half this year, company lossed about VND1,840 billion, included VND1,425 billion as currency exchange rate difference. However, as defined by FM, if Petrolimex complies fully with the criteria for payment of compensation to agents, it can still be profitable.

Source: Satthep.net