PetroVietnam drilling rises to 5-year high

4/4/2014

PetroVietnam drilling rises to 5-year high

HO CHI MINH CITY, Vietnam (Bloomberg) -- PetroVietnam Drilling & Well Services Joint-Stock Co. advanced to a five-year high after an official said profit at the country’s biggest listed oilfield-services provider will rise 10% this year.

Shares of the Ho Chi Minh City-based company climbed 1.8% to 84,000 dong at the close, the highest level since August 2008. The stock has rallied 38% this year, more than twice as much as the benchmark VN Index, the best performer in Southeast Asia, which added 18%.

Revenue is also forecast to increase 10% this year, Deputy General Director Ho Ngoc Yen Phuong wrote in an emailed response to questions from Bloomberg. That’s 7.4% higher than the 2 trillion dong ($94.8 million) average estimate of six analysts surveyed by Bloomberg.

“The stock is picking up on that positive news” of earnings forecast, Patrick Mitchell, head of institutional sales at VinaSecurities JSC, wrote in an email.

The company’s net income climbed 46% to about 1.9 trillion dong and revenue increased 25% to 14.9 trillion dong last year, according to data compiled by Bloomberg.

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