Vung Ang power thermal plant reports profit after tax of 56.6 million USD, surpassing the target by 29 percent. (Photo: pvpower.vn)Hanoi (VNS/VNA) - PV Power, an subordinate company of the Vietnam Oil and GasGroup (PetroVietnam), reported positive business results in the first fivemonths of this year despite difficulties the company faced in generating power.
EndingMay, PV Power generated more than 9.4 billion kWh, completing its target setfor the reviewed period. As of June 16, power generation reached 10.56 billionkWh.
This wasan encouraging result given difficulties the company faced since early thisyear, chairman of the PV Power’s board of directors Ho Cong Ky told local media.
Kypointed out three issues facing power generation companies this year, of whichclimate change, especially the El Nino phenomenon, is drying lakes athydropower plants while the declining gas source and coal supply are pressuringthe generation capacity of thermal power plants.
“The coalsupply for coal-fired power plants has never suffered the situation of ‘livinghand to mouth’ like at present,” Ky said, adding that coal provided by the VietnamNational Coal-Mineral Industries Holding Corp Ltd (Vinacomin) has beendeclining.
At themeeting, he also reported financial results of the company, of which revenuesof the whole corporation reached 14.8 trillion VND (635.2 million USD) in thefirst five months. Its profit after tax is estimated at 1.3 trillion VND (56.6million USD), surpassing the target by 29 percent.
Thecompany paid nearly 481 billion VND to the State budget during this period.
In 2019,PV Power aims for total revenue of 33.9 trillion VND and net profit of 2.3trillion VND. After five months, the company completed 45 percent of its annualrevenue target and 58 percent of its profit plan by year-end.
Regardingits investment activities this year, PV Power is hastening efforts to completethe feasibility study report for the Nhon Trach 3, 4 thermal power projects forsubmission at the annual shareholders’ meeting next year. After gettingapproval, it will organise bidding to select the EPC (Engineering ProcurementConstruction) contractors.
Theobjective of the company was to comply with the Government’s requirement ofstarting commercial production of the two power plants in 2023, Ky said.
Besides,PV Power is also preparing an investment plan for the Luang Prabang hydropowerproject in Laos of which PV Power is expected to contribute 38 percent ofcapital. He said the company was building a special investment mechanism forthis project to submit to the Government to ensure the company’s shareholders’interest.
Theproject has two construction schemes: one transferring electricity toVietnam will cost about 4.2 billion USD while the other connecting to Thailandis expected to cost about 3.8 billion USD.
Shares ofthe company, coded POW on the Ho Chi Minh Stock Exchange, are being tradedaround 15,800 VND (0.68 USD) per share, valuing the company at 37.35 trillionVND (1.6 billion USD).–VNS/VNA
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