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Materials-Petroleum Q2 profit climbs YOY

Materials-Petroleum JSC said its normalized net income for the second quarter was 1,996.11 dong per share, an increase from 581.74 dong per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 28.19 billion dong, a gain from 8.21 billion dong in the year-earlier period.

The normalized profit margin rose to 2.5% from 0.5% in the year-earlier period.

Total revenue declined 24.9% on an annual basis to 1.122 trillion dong from 1.493 trillion dong, and total operating expenses decreased 27.3% on an annual basis to 1.076 trillion dong from 1.481 trillion dong.

Reported net income grew year over year to 39.12 billion dong, or 2,770.65 dong per share, from 10.77 billion dong, or 763.00 dong per share.

As of July 21, US$1 was equivalent to 21,817.50 dong.