State-owned mining conglomerate Vinacomin has reported buoyant performance in the first quarter of the year, with profit touching 45 per cent of the full-year plan, driven by exceptional alumina revenue.
Vinacomin paid VND3.75 trillion ($166 million) to state coffers in the first quarter this year
Favourable weather, rising market demand, and robust economic growth have contributed to Vinacomin’s rosy first-quarter performance.
Its total revenue came to VND30.29 trillion ($1.34 billion) in the first three months, equal to 26.6 per cent of the annual plan and a 123 per cent jump on-year.
The mineral business segment posted a sharp jump in revenue to VND4.38 trillion ($194.6 million), up 53 per cent on-year, which largely came from an 83 per cent growth in alumina revenue.
This helped lift Vinacomin’s profit to an estimated VND900 billion ($40 million) in the first quarter, a 45 per cent jump on-year.
According to Vinacomin chairman Le Minh Chuan, coal consumption will continue to be strong over the next few months due to rising demand, as will alumina sales.
In March 2018 alone, the group sold nearly 4 million tonnes of coal and reduced its stockpile volume by 800,000 tonnes.
|In the second quarter of the year, Vinacomin is set to fulfil 52-55 per cent of its annual plan, all by the mid-way mark of 2018. |
In the second quarter of the year Vinacomin is set to fulfil 52-55 per cent of its annual plan, all by the mid-way mark of 2018.
In 2018 Vinacomin aims to make VND113.8 trillion ($5.05 billion) in revenue, up 3.6 per cent on-year. Of this figure, VND56.29 trillion ($2.5 billion) is to come from the coal business, VND16.47 trillion ($732 million) from the mineral business, VND12.23 trillion ($543.5 million) from the power business, and more than VND22 trillion ($984 million) from other business.
The group also envisages producing and selling 36 million tonnes of coal, 1.9 million tonnes of which are bound for export.