PV Power sees Q3 profit quadruple

Update: November, 04/2019 - 15:35


Engineers operate equipment at Nhơn Trạch 2 Power Corporation, a member unit of PetroVietnam Power Corporation (PV Power). — VNA/VNS Photo Huy Hùng

HÀ NỘI — PetroVietnam Power Corporation (PV Power) reported post-tax profit of VNĐ793 billion (US$33.9 million) in the third quarter of this year, four times higher than the same period last year.

During the period, the company earned net revenue of VNĐ7.92 trillion, an increase of 14 per cent year-on-year. Gross profit reached VNĐ1.19 trillion, up 21 per cent last year.

Financial expenses of PV Power in the quarter dropped sharply by 64 per cent to VNĐ284 billion as interest expense decreased by 17 per cent. The company recorded exchange gains in the last quarter while it incurred exchange loss of VNĐ398 billion in the same period last year.

In the first nine months of this year, PV Power reported consolidated net revenue of VNĐ26.2 trillion and gross profit of VNĐ3.87 trillion. After deducting expenses, the enterprise earned post-tax profit of VNĐ2.49 trillion.

Some subsidiaries of PV Power also performed more efficiently in the third quarter.

Dakdrinh Hydro-Power JSC saw a loss of VNĐ6 billion in Q3, much lower than the loss of VNĐ58 billion in Q3 last year. PV Power Bắc Kạn earned profit of VNĐ62 million while it reported a loss of VNĐ58 million last year. Nhơn Trạch 2 Thermal Power Plant enjoyed profit of VNĐ162 billion, 6.5 times higher than the same period last year.

In 2019, PV Power sets an electricity output target of 21.6 billion kWh, total revenue of VNĐ32.77 trillion and post-tax profit of VNĐ2.27 trillion.

With the nine-month results, the business has exceeded 10 per cent of the year’s profit plan.

Total assets of PV Power totalled VNĐ60 trillion, of which fixed assets were worth more than VNĐ38 trillion.

Total debts of PV Power reached VNĐ19.5 trillion. The company’s cumulative amount of undistributed profits is VNĐ3 trillion.

In the market, PV Power shares (POW) are still moving sideways, hovering around VNĐ13,000 per share. — VNS