PVS’s reported Quarter IV profit was more than 183 billion VND

PetroVietnam Technical Services Corporation (HNX: PVS) has announced the financial statement of its parent company in Quarter 4 of 2017 with strong growth.

In the last quarter, PVS's revenue declined by 12% to VND 2,532 billion, except for the cost of goods sold of VND 2,515 billion, PVS's gross profit was only VND 17.4 billion, a sharp decrease of 56% over the same period last year.

Financial operations and other activities:  Financial income increased sharply and cost reduction helped financial income reach nearly VND 300 billion, while the same period only got profit of VND 34 billion. Other activities recorded revenue of VND 4917 billion but the cost was also more than VND 4,914 billion.

As a result, the company posted pretax profit growth of 273% up to VND 188 billion, resulting in after tax- profit of VND 183 billion, 4 times higher than the same period of 2016. According to the company, this big change comes from increasing financial income due to increase in dividends, profits from subsidiaries, joint ventures.

At the end of 2017, due to the influence from the previous three quarters, PVS parent company's revenue decreased 14% to VND 8645 billion; As a result, after-tax profit was only VND558 billion, down 10% compared to last year