Vietnam’s Petrolimex still losses heavily despite huge market share: auditors
Published: 13/11/2012 02:21
The company ran into pre-tax losses of VND1.4 trillion (US$67.2 million) in 2011 while its total debts amounted to more than VND44 trillion ($2.1 billion), the Tuoi Tre newspaper reported, citing new fidings from the State Audit.
State auditors have asked Vietnam’s top fuel importer and distributor Petrolimex to review its financial management after the company made losses last year and continued to lose its market share. Petrolimex, with huge assets worth more than VND57.7 trillion, struggled to maintain its market share in major cities last year. State auditors found that its total share dropped to 48 percent from 49 percent in 2010 and 50 percent two years earlier due to increased competition from other distributors.
Petrolimex ran into pre-tax losses of VND1.4 trillion (US$67.2 million) in 2011. As a result, the State Audit advised the company to lower input costs and seek cheaper fuel sources through bidding. |
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