PV Power exceeded the profit plan in the first half

PV Power recorded positive results in the first half of the year

On July 16, PV Power estimated its revenues in the first six months at VND16.5 trillion ($717.8 million), with profit after tax standing at VND1.4 trillion ($61 million), up 10 and 81 per cent of the target's plan for the first half of the year, respectively. However, compared to the same period last year, the revenues and profit after tax slightly raised by 4 and 2 per cent, respectively.

This year, PV Power set a business plan including total revenues of VND28.4 trillion ($1.2 billion) and profit after tax of VND1.3 trillion ($56.6 million). Thus, PV Power has completed 58 per cent of the revenue target and exceeded 5 per cent of the profit target for the whole year.

Regarding its parent company, the revenues in the first six months were estimated at VND12.64 trillion ($550 million), equal to 112 per cent of the period's plan and 106 per cent over the same period in 2020.

According to the company, due to the impact of the pandemic, the total electricity market price for the first five months averaged at 4.7 US cents/kWh, equivalent to the average of the same period in 2020 and lower than the same period in 2019.

Besides this, the main reasons affecting PV Power's revenues are the output of electricity produced by some factories such as Vung Ang 1 thermal power plant, Dakdrinh hydropower plant, and Hua Na hydropower plant, which all exceeded the plan. Especially, Dakdrinh hydropower plant recorded revenues of VND334 billion ($14.5 million), which increased 66 per cent and exceeded last year by 103 per cent.

Plus, the contract electricity price of gas power plants is higher than planned due to high prices of gas fuel in the first six months of the year. Moreover, the corporation recognised financial income from selling shares in PV Machino with a profit of about VND358 billion ($15.6 million).

However, PV Power's electricity production in the first six months has not yet fulfilled the assigned plan, estimated at 9,488 million kWh, 13 per cent lower than the same period in 2020. Power plants that have not yet reached the plan include Nhon Trach 2, Ca Mau 1, and Ca Mau 2.