PV Power reports over US$31.2 mln in post-tax profit in Q1

13:52 13/04/2021

PetroVietnam Power Corporation (PV Power) reported a post-tax profit of VND720 billion (over US$31.2 million) in the first quarter of 2021, surpassing the quarterly plan by 6%.

Deputy Director of PV Power Nguyen Thi Ngoc Bich attributed the firm’s strong growth profit to its finance investment activities in the period, including the successful divestment of over 19.93 million shares at Petro Vietnam machinery-technology JSC (PV MACHINO), which generated a pre-tax profit of VND350 billion.

Dividends worth about VND170 billion that PV Power received from Nhon Trach 2 thermal power JSC also contributed significantly to its profit in the last three months.

However, PV Power’s electricity output reached 4.64 billion kWh in the reviewed period, equal to only 90% of the set plan for the first quarter, and 88% of the same period last year.

PV Power will closely work with the Electricity of Vietnam, the National Load Dispatch Centre (A0), the Vietnam National Coal and Mineral Industries Group (Vinacomin), and the PetroVietnam Gas Joint Stock Corporation (PV GAS) in operating its power plants, towards producing 5.923 billion kWh in the second quarter.

It also plans to pour investment into Nhon Trach 3 and 4 power plants in the coming time.