Petrovietnam General Service Joint Stock Corporation (PETROSETCO) (HOSE: PET) has explained the business results in quarter 1/2011 as follows:
• Revenue in quarter 1/2011 reached VND2,506 billion and increased 11.5% beside quarter 1/2010 (VND0.316 billion) and net profit from activities business increased 37.45%, profit before tax increased 172.3% because:
• Revenue: In quarter 1/2011 the company has added distribution PP resin (Activity from July 2010), has contributed most to the revenue growth for the previous quarter.
• Net profit increased because the company has managed good inputs cost.
• Profit before tax increased 172% from earnings revaluation of assets in business of the subsidiaries increased.