Vietnam Daily News

'Petrolimex's real loss in H1 was lower 500b dong than earlier reported figure', inspection

Written by Dailynews.vn Wednesday, 21 December 2011 16:25

The Vietnamese Ministry of Finance has reported the result of inspecting four petroleum wholesalers including Petrolimex, Saigon Petro, PV Oil and Petimex between June 30 and August 26, which said that Petrolimex's real loss in Jan-June was lower 500 billion dong then reported figure.

Accordingly, in the first six months of 2011, Petrolimex's loss was around 1.3 trillion dong instead of over 1.8 trillion dong as reported in its statement. The loss mainly came from forex rate spread, low selling prices and higher business costs.

In another enterprise PV Oil, its audited loss was also lower 147 billion dong than the reported figure. Similarly, the difference at Saigon Petro was seven billion dong in the same reporting period. Only Petimex had a real loss higher 1 billion dong than previously reported.

Ministry of Finance confirmed that domestic petrol business of these firms from July 1 to August 26 basically was profitable, excluding Petimex due to so high import costs in H1.

Vice minister Vu Thi Mai was quoted as saying that adjusting down the retail price of petrol by 500 dong per litre from August 26 was absolutely reasonable, which is seen as one of proper solutions to curb inflation.

The ministry also detected some violations in corporate administration such as improper deduction for scientific and technological fund, unreasonable costs.

This was the suitable examination to serve the senior management, vice minister Mai noted, so the ministry has not dealt with violations.

Source: www.intellasia.net/news/articles/business/111351534.shtml