PetroVietnam Gas Reports 78% Drop in Fourth Quarter Profit

PetroVietnam Gas (PVGas) has reported a 78 percent in profit for the last quarter of 2015 driven by low energy prices.

According to local English daily Vietnam News, PVGas reported a sale of VND17.26 trillion ($77 million) in the fourth quarter, a decline of 9.2 per cent over the same period last year. Net profit was VND1 trillion.

For the full year 2015, PVGas earned VND64.29 trillion in net revenue, a reduction of 13 per cent compare to the previous year, Vietnam News reported Saturday. Its net profit of the whole year was VND8.5 trillion, down 38.5 percent compared to the results of 2014.

State owned PVGas is one of Vietnam's largest companies, which runs integrated operations, from drilling for gas through to marketing, and controls nearly 70 percent of the domestic market for liquefied petroleum gas.