Big profits for Vietnam’s three biggest energy groups in Jan-Nov

December 07, 2013 | 09:40

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The three biggest energy groups of EVN, PetroVietnam and Vinacomin have reported high earnings in the first 11 months of the year.

EVN, PetroVietnam and Vinacomin have reported high earnings in the first 11 months of 2013

In a report to the Ministry of Industry and Trade, Vietnam Electricity Group (EVN) said that they earned revenues of VND14.6 trillion (USD695.2 million) in November, up 16.16% compared to the same period of last year. The figure raised the group’s revenues between January and November to VND157 trillion (USD7.5 billion), up 21% on year.

In the 11-month period, EVN produced 117 billion kWh, up 8.6% on-year and meeting 89.5% of the year target. Meanwhile, the group imported 66 billion kWh of electricity.

Between January and November, Vietnam National Coal and Mineral Industries Group (Vinacomin), earned revenues of VND85.6 trillion (USD4 billion), up 3% compared to the same period of last year, reaching 82% of the year's target.

According to Vinacomin, despite better signals for business activities, coal exports still face difficulties due to a sharp fall in demand in the world, particularly China, as well as the fierce competition from other producers.

By the end of November 30, the group’s total coal inventory remained at the high level of 8.6 million tonnes.

Vietnam National Oil and Gas Group (PetroVietnam) posted most impressive profits of the three, with VND690.2 trillion (USD33 billion), including USD3 billion in November, surpassing the year's plan.

The three energy groups, EVN, Vinacomin and PetroVietnam, earned a combined VND932.79 trillion (USD44.4 billion) in the first 11 months of this year.

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