HCMC – PetroVietnam Technical Services Corporation (PTSC, HNX: PVS) reported a drop of nearly 4% in consolidated net profit for the second quarter of this year as rising costs made a deep inroad despite its higher revenue.
PTSC’s consolidated net profit for Q2 fell to VND208 billion, down by 3.82% over the same period last year. The figure also translated into a quarter-on-quarter profit plunge of 35%.
The firm’s net revenue for the quarter rose by 18% year-on-year to nearly VND5.58 trillion. However, the cost of goods sold jumped by more than 18% to VND5.35 trillion, resulting in a gross profit increase of 23% to VND231 billion.
Financial revenue of PTSC dropped by nearly 11% to VND140 billion, while financial expenses doubled to VND30.3 billion. Sales and administrative costs rose by 21% and 33% to VND20.5 billion and VND308 billion, respectively.
For the first half of this year, PTSC’s net revenue grew by 10.36% to VND9.3 trillion. Its consolidated net profit in this period rose by 18.5% to VND512.7 billion.
PTSC looks to achieve its full-year revenue target of VND15.5 trillion and its consolidated net profit target of VND660 billion. These respective targets are nearly 29% and 38% lower than in 2023.
By mid-year, PTSC had achieved about 60% of its revenue target and 78% of its profit target.
Closing the trading session today, July 29, PVS inched down by 1.44% to VND41,200 per share, with a trading volume of over 2.5 million shares.
The Hochiminh Stock Exchange saw 244 winners and 168 losers, resulting in the VN-Index gaining 4.49 points, or 0.36%, to 1,246.60 points.
Stock trade edged up by 8.3% in volume but dipped by 4% in value over the previous session. More than 496.8 million shares worth nearly VND11.4 trillion changed hands, including about VND887 billion worth of shares traded in block deals.
After several falling sessions, QCG rebounded sharply to its ceiling price of VND6,770 per share with a trading volume of 7.5 million shares. HVN also soared to its daily upper limit of VND22,350.
In contrast, LDG plunged to its floor price for the third consecutive session following its bankruptcy proceedings. LDG ended at VND2,100 per share with over three million shares traded and 15.3 million shares left unsold at the floor price.
Similarly, HNG and HBC came under selling pressure due to news from HOSE that their shares would be delisted due to their three consecutive years of losses. They closed down by 6.9% to VND4,340 and VND6,750, with respective trading volumes of 2.5 million and 300,000 shares.
Steel stocks showed positive movement. HPG rose by 1.6%, closing at VND27,900 per share with 15.44 million shares traded. HSG edged up by 0.6%, while NKG, TLH and SMC all gained over 1%.
Securities broker VIX was the most actively traded stock on the market, with a matching volume of over 22 million shares.
With 96 stocks rising and 61 others ebbing, the HNX-Index of the Hanoi Stock Exchange also saw a modest uptick of 0.86 points, or 0.36%, to close at 237.52 points.
Total trading volume on the northern exchange was 44.56 million shares valued at nearly VND914 billion.
