Financial loss while increasing expenses have dragged down the profit after tax of parent company PVTrans in the second quarter compared to the same period last year.
Petrovietnam Transportation Corporation (PV Trans – Code: PVT) just announced financial report for the second quarter of 2021 parent company with net revenue increased by 16% over the same period to 719 billion dong, mainly service revenue The transport service increased due to the ships exploiting enough trips and adding new ships.
During the period, COGS increased by 8%, lower than revenue, so gross profit margin was raised from 17% to 23%.
Financial revenue decreased by nearly 60% while financial expenses and administrative expenses both increased by double digits, causing PVTrans to report a 2% decrease in profit after tax to more than VND 119 billion.
The business side explained that there was no tax-free income in the period from receiving dividends from PTSC Petroleum Exploitation Services Joint Stock Company.
In the first 6 months, parent company PVTrans’ net revenue reached VND 1,403 billion, profit after tax was VND 215 billion, up 8% and 15% respectively over the same period. Thus, PVTrans has fulfilled 61% of the revenue plan and 82% of the parent company’s profit after tax in 2021.
Previously, PVTrans’s representative shared the results of the 6-month 6-month consensus of VND 420 billion in profit before tax and implemented up to 84% of the annual plan, corresponding to the growth rate of 7% compared to the same period last year but still lower than the number of semi-annual profits in the period of 2018 – 2019.
By the end of the second quarter, total assets of PVTrans increased by more than VND 425 billion compared to the beginning of the year to VND 7,327 billion, mainly due to an increase in short-term receivables, fixed assets and long-term financial investments.
In which, the company holds more than 1,872 billion dong of cash, cash equivalents and bank deposits under one year, accounting for a quarter of total assets.
On the capital side, total debt was more than 1,290 billion VND, an increase of nearly 100 billion VND compared to the beginning of the year. Equity at the end of June was more than 4,132 billion dong, of which undistributed profit after tax was 225 billion dong and 625 billion dong for investment and development fund.
Source: vietnambiz.vn – Translated by fintel.vn