PetroVietNam Gas's Q1 gross profit falls 27.5%

PetroVietNam Gas's first-quarter gross profit fell 27.5 percent to 3.9 trillion dong ($185 million) from a year earlier, the Lao Dong (Labour) newspaper reported.

PetroVietNam, Vietnam's largest listed company, would seek strategic shareholders in the gas exploration sector, while state oil and gas group Petrovietnam, now owning 97 percent of PetroVietNam Gas, plans to reduce its stake to 75 percent, the report said.

NOTE: Reuters has not verified this story and does not vouch for its accuracy.

(Hanoi Newsroom; Editing by Anand Basu)

($1 = 21,070 dong)