After-tax profit at nearly $65 million, AGM told.
The Petrovietnam Gas Joint Stock Corporation (PV Gas) recorded revenue of VND15 trillion ($660.790 million) in the first quarter of 2017, its annual general meeting (AGM) on April 17 heard.
Its parent company, PetroVietnam, recorded revenue of over VND14 trillion ($616.93 million) in the first quarter, an increase of 7 per cent year-on-year.
PV Gas’s after-tax profit stood at VND1.47 trillion ($64.78 million), virtually the same as in the first quarter of last year.
It planned to pay a dividend of 40 per cent last year but only paid 23 per cent, with the remaining 17 per cent to be distributed this year, following the AGM.
PV Gas’s business plans for 2017 includes revenue of VND51.48 trillion ($2.26 billion), down 15 per cent against 2016, with after-tax profit of VND5.26 trillion ($231.74 million), down 27 per cent.
Its plans were calculated based on an oil price of $50 per barrel. The dividend payout is expected to be 30 per cent.
PV Gas also presented a number of business line modifications to the AGM. It will carry out gas exploitation projects this year, such as the Nam Con Son 2 gas pipeline, Phase 2, Su Tu Trang, Red Dragon Fish, and Golden Star - Dai Nguyet.
The investments will see a breakthrough for PV Gas when oil prices are low and exploitation enterprises are facing ongoing difficulties.
Its Ca Mau Gas Treatment Plant project saw construction completed in the first quarter and is now in trial operations.
PV Gas recorded revenue of VND60.5 trillion ($2.66 billion) last year, 14 per cent higher than planned. After-tax-profit was VND7.1 trillion ($312.89 million), 38 per cent higher.
The low oil price has had a negative effect on PV Gas. Two of its enterprises, PV Pipe and PV Coatings, recorded losses while others posted positive business results, according to the Board of Directors.