Numerous thermal power plants reported a drop in revenue and profit in the first half of this year.
|Profit figures have been pretty poor for thermal power companies |
According to its second-quarter financialstatement, Pha Lai Thermal Power JSC generated 46.5 per cent less power in the second quarter. This has resulted in a 46.2 per cent drop in revenue and 57.1 per cent in after-tax profit. For the first half, profit declined by 37.6 per cent to VND259billion ($11.26 million).
Meanwhile, the revenue and profit of Haiphong Thermal Power JSC in H1 plunged 25 and 76 per cent, respectively and profit at Ba Ria Thermal Power JSC declined 61.5 per cent to VND23.3 billion ($1 million).
Ninh Binh Thermal Power Plant also saw revenue drop 30.1 per cent in Q2 while after-tax profit was only 0.8 per cent of the same period last year with VND178 million ($7,740). Its consolidated revenue for the first six months fell 37 per cent and after-tax profit decreased 95 per cent on-year.
Power generation at PetroVietnam Nhon Trach 2 Power JSC decreased by 23 per cent in Q2 as revenue and profit dropped 13.9 and 90.1 per cent on-year. Its consolidated profit in H1 declined 67 per cent to VND139.5 billion ($6 million).
These bleak business results come from the increasing price of coal (due to soaring demand for imports from China), along with oil and gas.
At the same time, power demand has dropped significantly in industrial parks in Ho Chi Minh City, Hanoi, and Binh Duong as factories had to suspend operations due to the COVID-19 pandemic.