PetroVietnam affiliate makes $14.47 million pre-tax profit in 2012

Surpassing its target for the year by 25%, PetroVietnam General Services JSC (Petrosetco) is estimated to have made in 2012 a pre-tax profit of VND301 billion (US$14.32 million) on revenues of VND10.7 trillion (US$509.2 million), exceeding its budget by 7%.
According to General Director Phung Tuan Ha, the biggest earners during the year were trading and distributing services, which made up 86.01% of the company’s total revenues and 64.45% of total profits. Petrosetco would contribute VND1.1 trillion (US$52.3 million) to the state budget, surpassing the year’s target by 10%.
The PetroVietnam affiliate has so far divested its investment in some non-core businesses to focus on its core sectors as requested by the government, and plans to sell its stakes in other companies.(December 26, 2012)