Analyst Pin-board: PVD – Reversal from receivables can support profits in the short term
In 2017, besides the shortage of contracts and low rig day rates, PVD's business results were affected by the provision of PVEP's receivables. Since 2016, the company has begun to provision for that. Business results in 2016 were still positive due to the contribution of PVD V rig so that the impact on the bottom line was not so large. From 2017 on, when PVD V “slowed down" due to the absence of work while the operation of jack up rigs were still facing a challenging environment, provisions began to have an impact on the overall results. The 2017 profit (excluding the retrospective from the Science and Technology Development Fund) posted a loss of VND472 bn, including VND145 bn in provisions. For H1 2018, the core business incurred a loss of VND326 bn, including 111 bn in provisions.
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