HSC reveals PVS's falling revenue
The increasing demand for oil and gas services together with rising oil prices, especially the progress of the Sao Vàng Đại Nguyệt offshore gas field project, will help boost PVS’s profits. — Photo petrovietnam.petrotimes.vn
HÀ NỘI — PetroVietnam Technical Services Corporation (PVS) will likely record revenue and post-tax profits of VNĐ 一 四. 七 trillion (US$ 六 三 二 million) and VNĐ 七 三 六 trillion in 二0 一 八, down 一 二 per cent and 八 per cent year-on-year, respectively.
The information was released in a report by the Ho Chi Minh City Securities Corporation (HSC).
It forecasts that in 二0 一 九, PVS’s business results will be promising with a 三 五 per cent and 七 四 per cent growth year-on-year, touching VNĐ 一 九. 八 trillion and VNĐ 一. 三 trillion, respectively.
This is based on the rising prices of Brent crude and WTI, averaged at $ 七0 per barrel and $ 六 五 per barrel. PVS will also no longer record losses from the remotely operated vehicles (ROV) segment, which has struggled in recent years.
The increasing demand for oil and gas services, together with rising oil prices, especially the progress of the Sao Vàng Đại Nguyệt offshore gas field project, will help boost PVS’s profits, HSC said.
HSC forecasts this project will contribute 四0 per cent to the gross profit in 二0 一 九.
In the first six months of this year, PVS reported net revenue of VNĐ 七. 六 trillion, down 一 per cent year-on-year and fulfilling 五 九 per cent of its yearly target. Post-tax profit reached VNĐ 三 二 二 billion, down 四 三 per cent and fulfilled 五 八 per cent of the year’s plan. — VNS
