Big profits for Petrolimex in first-half

After previous successive loses, Vietnam National Petroleum Group (Petrolimex) posted a pre-tax profit of VND388.2 billion (USD18.5 million) from its fuel trading activities alone between January and June this year.

Petrolimex spent USD61.9 million in labour costs in the first half of 2013, up 14.6% on-year

According to the group’s January-June financial report, Petrolimex raked in VND898.3 billion (USD42.8 million) in total profit. A large portion of this came from fuel trading, an area in which they reportedly lost VND125 billion (USD5.9 million) in 2012.

After taxes the company's total profits were estimated to be VND687 billion (USD32.7 million) for the period, up 84.4% compared to the same period of last year.

The report also indicated that the group spent VND1.3 trillion (USD61.9 million) in labour costs, up 14.6% on-year.

In the first half of this year, Vietnamese petroleum wholesalers adjusted fuel prices six times, three of which were price increases and three price cuts.