PetroVietnam Drilling and Well Services Corporation (PVD) estimated a 111 percent rise in net profit of 900 billion dong for the whole fiscal year 2010 including 550 billion in the first eight months, said Pham Tien Dung, PVD's general director.
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However, PV Drilling's prices of oilrigs for hire were affected by a decrease in oil prices; therefore, profit from this activity was considerably influenced. Thus, the company only estimated 900 billion dong in net profit for the whole year, exceeding 11 percent of its target.
It is estimated that PVD earned 250 billion dong profit on 2.2 trillion revenue in the third quarter of this year.
As planned, PVD has considerably sought suitable time to pay 2010 dividend at the rate of 50 percent.
Dung also said that his company's business has been growing positively, its oilrigs have been operating stably, well-drilling technical service represented 50 to 80 percent of the market share, drilling manpower service accounted for 90 percent of the total human source in the whole market.
PVD has bought over 70 percent of the registered treasury share volume and will continue to buy treasury shares in the future.