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Oil distributor Petrolimex profit falls 74 pct
Updated: 10:51, 04/02/2021
Vietnam’s biggest fuel distributor Petrolimex said its net profits last year of VND1.23 trillion ($53.69 million) were the lowest in five years.
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Petrolimex employees work at a gas station in District 1, Ho Chi Minh City. |
The profits for 2019 had been VND4.77 trillion, and the company, a fuel distributor with thousands of stations nationwide, attributed the 74 percent fall to the drying up of jet fuel sales after international flights were suspended due to Covid-19 almost for the whole of 2020.
Revenues fell by 35 percent to VND124 trillion. Energy demand slumped last year as the pandemic led to lockdowns and a dramatic drop in energy for uses such as transportation.
With a market share of over 50 percent, Petrolimex is the largest fuel retailer in Vietnam, followed by PV Oil with around 22 percent.
The latest Business Climate Index (BCI) unveiled by the European Chamber of Commerce (EuroCham) in Vietnam on February 3 indicates that EU companies in Vietnam ended 2020 with overall optimistic view about the country's’s business climate.
Vietnamese airlines and airports have stepped up Covid-19 prevention measures in light of a recent string of outbreaks that have stricken 10 cities and provinces.
Source: VnExpress
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