PetroVietnam Finance Profit Drops 90% on Stock Losses
PetroVietnam Finance Co., a unit of Vietnam Oil & Gas Group, said third-quarter profit tumbled 90 percent on losses from equity investments after the nation’s stock market posted the world’s biggest slump.
Net income in the three months ended Sept. 30 fell to 29 billion dong ($1.5 million) from 285 billion dong, according to a filing with the exchange. Profit for the first nine months declined 57 percent to 278 billion dong.
The Hanoi-based company lost 225 billion dong from stock trading in the third quarter, compared with a gain of 103 billion dong in the same period last year. The benchmark VN Index dropped 10 percent in the three months, the world’s worst performing stock market, compared with a 30 percent advance in the same period last year.
Hanoi-based PetroVietnam Finance slid 4.9 percent to 21,500 dong, the most in more than a week. The stock has fallen 26 percent this year, compared with an 11 percent decline in the benchmark index.
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