Surprise when the 'big guys' of electricity and oil and gas see their profits plummet

Some "big guys" in the oil and gas, electricity... industries unexpectedly reported a sharp decrease in profits in the first quarter of 2024. For example, Vietnam Oil and Gas Power Corporation - Joint Stock Company (stock code POW) informed that the total electricity output in the first quarter of 2024 reached 3.54 million kWh, equal to 86% of the plan and down 11% compared to the same period in 2023. The total revenue of the corporation is estimated at VND 6,279 billion, down 19% compared to the same period last year. Notably, the company estimated the pre-tax profit of the entire corporation at VND 51 billion, down nearly 93% compared to the first quarter of 2023.

Nhon Trach 2 Petroleum Power Company (NT2) reported a loss in the first quarter of 2024.

The company said that the electricity output increased compared to the plan, leading to increased revenue at some subsidiaries. However, at units such as PV Power Nhon Trach, PV Power Ha Tinh, PV Power Nhon Trach 2... due to lower electricity output than the assigned plan, revenue decreased compared to the quarterly plan. At the same time, the market electricity price in the first 3 months of this year decreased compared to the same period of previous years, reaching an average of 1,500 VND/kWh, lower than the average of the same period in 2023 of 1,689 VND/kWh, which reduced revenue at power plants...

Previously, Vietnam Oil and Gas Technical Services Corporation (stock code PVS) held a preliminary review of its work in the first quarter of 2024. The company's leaders informed that consolidated revenue is estimated at VND 3,169 billion, down 18%, and pre-tax profit is estimated at VND 202 billion, down 24% compared to the first quarter of 2023.

Or Nhon Trach 2 Petroleum Power Joint Stock Company (NT2) reported revenue in the first quarter of 2024 reaching VND 282 billion, down 88% compared to the same period last year. The company suffered a loss of VND 158.2 billion while in the first quarter of 2023, it had a pre-tax profit of VND 246.2 billion, down 164.2%. According to the explanation, the company said that in the first quarter of 2024, electricity output decreased sharply, causing electricity production revenue to decrease by VND 1,921 billion; operating profit decreased by VND 3.5 billion...

Source: https://thanhnien.vn/bat-ngo-khi-cac-ong-lon-dien-dau-khi-lao-doc-loi-nhuan-185240420090849676.htm