Vũng Áng thermal power plant. PV Power reported profit after tax of VNĐ1.3 trillion ($56.6 million), surpassing the target by 29 per cent. — Photo pvpower.vn

HÀ NỘI – PV Power reported positive business results in the first five months of this year despite difficulties the company faced in generating power.

Ending May, PV Power generated more than 9.4 billion kWh, completing its target set for the reviewed period. As of June 16, power generation reached 10.56 billion kWh.

This was an encouraging result given difficulties the company faced since early this year, chairman of the PV Power’s board of directors Hồ Công Kỳ told local media on Monday.

Kỳ pointed out three issues facing power generation companies this year, of which climate change, especially the El Nino phenomenon, is drying lakes at hydropower plants while the declining gas source and coal supply are pressuring the generation capacity of thermal power plants.

“The coal supply for coal-fired power plants has never suffered the situation of ‘living hand to mouth’ like at present,” Kỳ said, adding that coal provided by the Việt Nam National Coal Mineral Industries Holding Corp Ltd (Vinacomin) has been declining.

At the meeting, he also reported financial results of the company, of which revenues of the whole corporation reached VNĐ14.8 trillion (US$635.2 million) in the first five months. Its profit after tax is estimated at VNĐ1.3 trillion ($56.6 million), surpassing the target by 29 per cent.

The company paid nearly VNĐ481 billion to the State budget during this period.

In 2019, PV Power aims for total revenue of VNĐ33.9 trillion and net profit of VNĐ2.3 trillion. After five months, the company completed 45 per cent of its annual revenue target and 58 per cent of its profit plan by year-end.

Regarding its investment activities this year, PV Power is hastening efforts to complete the feasibility study report for the Nhơn Trạch 3, 4 thermal power projects for submission at the annual shareholders’ meeting next year. After getting approval, it will organise bidding to select the EPC (Engineering Procurement Construction) contractors.

The objective of the company was to comply with the Government’s requirement of starting commercial production of the two power plants in 2023, Kỳ said.

Besides, PV Power is also preparing an investment plan for the Luang Prabang hydropower project in Laos of which PV Power is expected to contribute 38 per cent of capital. He said the company was building a special investment mechanism for this project to submit to the Government to ensure the company’s shareholders’ interest.

The project has two construction schemes: one transferring electricity to Việt Nam will cost about $4.2 billion while the other connecting to Thailand is expected to cost about $3.8 billion.

Shares of the company, coded POW on the Hồ Chí Minh Stock Exchange, are being traded around VNĐ15,800 ($0.68) per share, valuing the company at VNĐ37.35 trillion ($1.6 billion). – VNS