3 Power Generation Corporation lost 293 billion VND in the second quarter of 2024 - Photo: PGV
Low electricity output, reduced financial revenue causes business losses
Power Generation Corporation 3 (under Vietnam Electricity Group, stock code: PGV) has just announced its second quarter financial report with declining business results.
In the second quarter of 2024, PGV achieved VND 12,633 billion in net revenue from sales and service provision, while in the same period last year it was VND 15,353 billion. Gross profit from sales and service provision also decreased, falling to VND 991 billion while in the same period last year it reached VND 1,724 billion.
In this quarter, PGV's financial expenses increased to VND 1,204 billion, of which VND 611 billion was interest, and business management expenses were VND 140 billion.
In the second quarter, this enterprise lost 293 billion VND, down 1,396 billion VND compared to the same period in 2023 and in the first 6 months of the year, the accumulated loss was 944 billion VND while in the same period, it made a profit of 1,724 billion VND.
Explaining the business results of the second quarter, Ms. Nguyen Thi Thanh Huong, Deputy General Director of Power Generation Corporation 3, said that the gross profit from sales and service provision in the second quarter of 2024 was VND 991 billion, down VND 733 billion, mainly due to the lower electricity output of 1,915 million kWh compared to the same period in 2023. In addition, financial revenue was VND 56 billion, down VND 46 billion compared to the same period.
Financial expenses increased by VND586 billion, to VND1,204 billion compared to the same period in 2023, mainly due to an increase of VND622 billion in exchange rate differences. The company's pre-tax profit in the second quarter was negative VND290 billion, down VND1,600 billion.
In addition to PGV, other electricity selling enterprises also recorded losses in the second quarter such as Hua Na Hydropower Joint Stock Company with a loss of 10 billion VND, Song Ba Ha Hydropower Joint Stock Company with a loss of 21 billion VND, Se San 4A Hydropower Joint Stock Company with a loss of 1 billion VND...
Many electricity businesses reduce profits
As a company that owns many coal-fired and gas-fired thermal power plants, Vietnam Oil and Gas Power Corporation (stock code: POW) recorded an increase in both consolidated revenue and profit in the second quarter, reaching VND9,545 billion and VND450 billion, respectively.
However, in the first 6 months of the year, POW's profit decreased by 28%, to 667 billion VND, while in the same period last year, it made a profit of 929 billion VND.
Another company that made a profit but lost money in the first 6 months of the year is Nhon Trach 2 Petroleum Power Joint Stock Company (stock code: NT2).
Although this company made a profit of 122 billion VND in the second quarter, it lost 36 billion VND in the first 6 months of the year, down 109% while in the same period last year it made a profit of 403 billion VND.
Meanwhile, a company with a sharp decrease in 6-month profits is Thac Mo Hydropower Joint Stock Company (stock code: TMP) when profits decreased by 53%, down to 134 billion VND in 6 months while in the same period it reached 284 billion VND.
Similarly, A Vuong Hydropower Joint Stock Company (stock code: AVC) also saw its 6-month profit decrease by 78%, down to 58 billion VND, while in the same period, its profit was up to 261 billion VND.
Explaining business results, hydropower enterprises all said that due to the decrease in electricity production and sale to the system, the revenue and profit of these enterprises decreased.
Source: https://tuoitre.vn/nhieu-cong-ty-thuy-dien-nhet-dien-giam-lai-co-doanh-nghiep-lo-hang-tram-ti-dong-20240801121700092.htm
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