PetroVietnam’s real estate trader suffers loss of 4b dong in 2010

PetroVietnam Power Land Joint Stock Co (coded PVL) has released the financial reports with Q4 loss of 37.16 billion dong. The company reported suffering total loss of 4 billion dong in 2010.

In Q4, PVL reported gaining net revenue of 18.2 billion dong, declining by 53.5 percent against the same period of 2009. However, the principal sales cost counted for 18.8 billion dong.

PVL’s revenue from financial activities was posted at only 1.5 billion dong in Q4, while financial cost was posted at 25 billion dong, resulting in Q4 loss of 37.16 billion dong.

For the whole year, the company estimated to reach total net revenue of 69.6 billion dong, down 8 percent year-on-year. The principal sales cost counted for 64 billion dong and combined profit of 5.5 billion dong, declining by 83.5 percent against the previous year.

The company’s whole year financial revenue was posted at 52.6 billion dong, while financial cost counted for 35.6 billion dong.

By the end of 2010, the company suffered total loss of 4 billion dong, in comparison with 2009 net profit of 54.5 billion dong.

Tags: Vietnam business news