Business

PV Power fulfils 69% of yearly revenue target

Petrovietnam Power Corporation (PV Power) said it has completed 69% of this year's profit before tax goal, with thermal power output expected to increase sharply in the coming months.
PV Power fulfils 69% of yearly revenue target ảnh 1Ca Mau Thermal Power Plant is run by Petrovietnam Ca Mau Power Company, a subsidiary of PV Power. (Photo: pvpower.vn)
Hanoi (VNS/VNA) - Petrovietnam Power Corporation(PV Power) said it has completed 69% of this year's profit before tax goal,with thermal power output expected to increase sharply in the coming months.

In the first nine months of this year, the company's totalelectricity output reached 11.12 billion kWh, approximately 71% of the annualplan. The revenue and profit before tax were estimated at over 22.2 trillion VNDand 882 billion VND, respectively, completing 74% and 69% of the year's plan.

PV Power’s leaders said that the company had been stronglyaffected by adverse factors in the first nine months, including themisalignment between electricity demand and gas supply capacity, rising raw materialprices, higher production costs, and the impact of El Nino which caused adecrease in the electricity output of hydroelectric plants.

PV Power offered solutions to these problems, such as preparingequipment plans to support power production activities, managing cost accounts,and increasing the maintenance of factories.

Therefore, its business results met fundamental goals and exceededsome targets.

The company also said that the periodic maintenance of the powerplant is still being implemented on schedule. In mid-August, S1 Vung Angthermal power plant officially returned to the national grid.

Currently, the company is also focusing on implementing Nhon Trach3 and 4 power plant projects as well as researching renewable energy powerprojects.

According to Vietcombank Securities Company (VCBS), PV Power'sthermal power output is expected to be mobilised at a high level as El Nino hasreturned and will last until the end of 2024.

Meanwhile, Hua Na Hydropower JSC, a subsidiary of PV Power, hasjust submitted a stock listing registration application to the Ho Chi Minh StockExchange (HoSE). PV Power currently holds 80.72% of its charter capital./.
VNA
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