Monday, January 21, 2008

Vietnam PTSC sees 2008 gross profit up 15.4 pct

Mon Jan 21, 2008 2:27am EST

HANOI, Jan 21 (Reuters) - Petroleum Technical Services Corp PVS.HN (PTSC), the third-largest firm on the Hanoi exchange, said on Monday it expected a 15.4 percent rise in gross profit to 300 billion dong ($18.6 million) this year.

The subsidiary of state oil group Petrovietnam, in a a statement on its Web site (www.ptsc.com.vn), also forecast revenues would rise 7.3 percent to 6.5 trillion dong this year.

The Ho Chi Minh City-based firm did not give a net profit forecast or comparative figures for 2006.

Shares in PTSC fell 3.28 percent to 94,400 dong on Monday, valuing the firm at $596 million.

It is the third-largest listed firm on the Hanoi exchange after Asia Commercial Bank ACB.HN and Kinh Bac City Development Share Holding Corp KBC.HN.

PTSC offers engineering services for oil and gas exploration, logistics and port services for other oil firms operating in Vietnam.

It owns 20 vessels, including a floating production, storage and offloading vessel. Crude is Vietnam's largest export earner, bringing a record $8.5 billion last year, 2.6 percent higher than 2006 due to high oil prices, according to government data.

The company said last month it had signed a contract to provide maintenance services to the $2.5-billion Dung Quat refinery, scheduled to start operations in the first quarter of 2009. ($1=16,105 dong) (Reporting by Ho Binh Minh; Editing by Darren Schuettler)