State-owned gas giant targets 45 pct lower profits

PV Gas targets after-tax profits to fall by 45 percent this year to VND6.6 trillion ($282.5 million) due to rising challenges.
The gas trading arm of state-run oil and gas group Petrovietnam said in its annual report released recently its revenue target is VND66.2 trillion ($2.8 billion), 13 percent down from last year.

It said gas reserves are dwindling, with output from the offshore southern Cuu Long Basin down 19 percent year-on-year.

In the first quarter of this year PV Gas saw revenues fall by 6 percent year-on-year to VND17.5 trillion ($749 million), and profits by 31 percent to VND2.1 trillion ($90 million).

The drop came as Brent crude prices fell 13 percent and gas output by 10 percent.