Coal companies announce strong profit results in Q2

Vietnamese coal enterprises prospered in the second quarter due to the high demand for the resource for thermal power.

Workers in an underground coal mine of Nui Beo Coal JSC in the northern province of Quang Ninh. (Photo: nuibeo.com.vn)

Hanoi (VNS/VNA) - Vietnamese coal enterprises prospered in the second quarter due to the high demand for the resource for Vietnamese coal enterprises

Deo Nai Coal JSC (TDN) reported a profit of 15.6 billion VND (over 659,000 USD) in the second quarter of 2023, 38 times higher than the figure of more than 400 million VND in the same period last year. In the first six months of 2023, the company achieved a profit of 26.4 billion VND, an increase of 20.1 billion VND compared to 2022.

The main reason was that fuel prices decreased by 15% compared to the same period in 2022, and the company's production costs decreased, leading to higher profits.

Deo Nai Coal is an enterprise that exploits and collects hard coal, lignite, and supports mining and ores, around 65% of its invested capital comes from the Vietnam National Coal - Mineral Industries Group (Vinacomin).

Ha Tu Coal (THT) achieved profit after tax in Q2 of 28.04 trillion VND, an increase of 21.7 trillion VND compared to 2022. In the first six months of 2023, profits reached 44 billion VND.

Nui Beo Coal (NBC) achieved an after-tax profit in the second quarter of 2023 of 23.2 trillion VND, an increase of 15.2 trillion VND compared to the same period in 2022. Profit after tax in the first six months of 2023 increased by 19.37 trillion VND compared to 2022.

The company said that coal consumption improved in the second quarter of 2023, leading to higher profits.

Ha Lam Coal (HLC) reported a profit after tax in the second quarter of 24 trillion VND, up 13 trillion VND compared to last year. Profits reached 56.1 trillion VND in the first six months, while in the same period in 2022 it only reached 28.78 trillion VND.

As for Mong Duong Coal (MDC), profit after tax in the second quarter of 2023 reached 15 trillion VND, 9 trillion VND higher than the same period last year.

However, there are still some coal enterprises reporting losses in the second quarter of 2023.

In the second quarter of 2023, output of Cao Son Coal (CST) decreased by 1.7 million tonnes over the same period, causing revenue to decrease by 49% over the same period.

The same thing happened with Coc Sau Coal (TC6), which recorded a sharp decline in revenue of 33% over the same period last year./.

VNA