PetroVietnam Gas Corporation JSC (PVGas) earned VND17.5 trillion (US$743.4 million) of total revenue in the first quarter of the year.

Illustrative image (Photo: pvgas.com.vn)

The figure was down 6.6% year-on-year but still beat its target by 14%.

Pre-tax profit and post-tax profit fell about 31% year-on-year to VND2.6 trillion and VND2.1 trillion, respectively.

Realised profits exceeded targets set for the first three-month period by 33% and 35%, respectively.

According to the group, business operations in the first quarter were hindered by the spread of the coronavirus pandemic which suspended plants and pulled market demand down.

In addition, oil prices lost two-thirds since the beginning of the year to hit a four-year low of US$22-23 a barrel on March 31, way below the expected level of US$60 a barrel eyed by the company for 2020.

In the first quarter, PVGas was supplied more than 2.35 billion cubic metres of wet gas to produce nearly 2.3 billion cubic metres of dry gas, 15,200 tonnes of condensate gas and 426,200 tonnes of liquefied petroleum gas (LPG).

The company in 2019 recorded total revenue of VND75.6 trillion, which was almost unchanged from 2018's figure, and VND2.16 trillion in post-tax profit, up 3.84% year-on-year.

The earnings figures beat last year’s targets by 18% and 59% in total revenue and post-tax profit.

PVGas forecast its total revenue in 2020 will fall to VND66.16 trillion and post-tax profit will be halved to VND6.63 trillion. The company plans to pay a dividend rate of 30%.

PVGas has also postponed its annual shareholders’ meeting, which was previously scheduled for April 14. The new date will be set before June 30.

PVGas shares (HoSE: GAS) soared 6.9% to end on April 9 at VND67,000 per share.