According to PLVN newspaper, the Ministry of Finance has just issued document No. 1644 deciding to temporarily suspend the position of representative of State capital at Vietnam National Petroleum Group - Petrolimex (PLX) for Mr. Dao Nam Hai, representative of State capital, member of the Board of Directors, General Director of Petrolimex until there is a conclusion from the competent authority.
Temporarily hand over the State capital portion currently held by Mr. Dao Nam Hai to Mr. Pham Van Thanh - the representative in charge of the group of representatives, Chairman of the Board of Directors of Petrolimex .
Mr. Dao Nam Hai was assigned to the position of General Director of Petrolimex from March 2022. The most recent consolidated financial report for the first quarter of 2025 shows that the group's revenue plummeted due to the impact of the decline in world oil prices. Specifically, there was a time when the price of Brent oil went from 75 USD/barrel to just over 60 USD/barrel after a few days. According to Petrolimex's calculations, the biggest drop at one point was up to more than 20%.
This has directly affected the cost of goods sold and led to an increase in inventory write-down provisions.
Revenue from sales and service provision reached more than 67,890 billion, down nearly 10% compared to the same period in 2024. Revenue from PLX's financial activities also only reached nearly 422 billion VND, down 7% compared to the same period, reaching nearly 450 billion VND.
Gross profit from sales and service provision decreased to over VND3,711 billion, down nearly 21% over the same period. Cost of goods sold in the first 3 months of this year reached VND64,149 billion, down nearly 9%.
Meanwhile, Petrolimex's first quarter sales and administrative expenses both increased slightly compared to the same period (expenses were around VND3,353 billion and VND263 billion, respectively). Regarding pre-tax profit, Petrolimex earned more than VND358 billion, down more than 75% compared to the same period last year.
By the end of the first quarter, Petrolimex's inventory value was VND16,012 billion, accounting for about 20% of total assets, a high rate compared to industry practice. In particular, the provision for inventory depreciation skyrocketed to VND334 billion, more than four times higher than at the beginning of the year.
Source: https://baophapluat.vn/tam-dinh-chi-chuc-vu-tong-giam-doc-petrolimex-post547772.html
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