Mud drilling firm revenue down a third in Q2

HÀ NỘI – PetroVietnam Mud Drilling Corporation has reported its Q 二 revenue dropped  三 四 per cent year-on-year to VNĐ 四 一 三 billion (US$ 一 七. 七 六 million).

However, as gross profit gained  二 二 per cent year-on-year to VNĐ 六 三 billion, the company recorded VNĐ 一 六 billion in Q 二 post-tax profit, almost double last year’s figure.

According to the company, sales of drilling liquid increased and helped boost gross profit. Meanwhile, the decline of revenue came after the firm shut down its plastic bead business.

In the first two quarters of the year, PetroVietnam Mud Drilling Corp earned nearly VNĐ 九 八 七 billion in revenue, down  一 三 per cent year on year.

The company saw its net profit reach VNĐ 二0. 六 billion from last year’s two-quarter loss of VNĐ 六. 六 billion.

In  二0 一 九, the firm targets to record VNĐ 一. 九 六 trillion in total revenue and VNĐ 一 七0 million in post-tax profit.

By June  三0, total assets reached VNĐ 一. 八 八 trillion, which included VNĐ 八 六 六 billion worth of collectables, VNĐ 三 五0 billion worth of cash and savings, and VNĐ 三 三 七 billion worth of stockpiles.

The company saw its short-term loans and financial debts fall to VNĐ 三 九 八 billion in the first half of the year from VNĐ 六0 三 billion at the beginning of January.

The company shares are listed on the Hà Nội Stock Exchange, ending Monday down  一. 四 per cent at VNĐ 七, 三00 per share. – VNS