31.7 C
Ho Chi Minh City
Saturday, June 22, 2024

NT2 incurs heavy losses in Q1

The Saigon Times

Must read

HCMC – PetroVietnam Power Nhon Trach 2 JSC (HOSE: NT2) has reported a net loss of over VND158 billion in the first quarter of this year, according to its financial statement.

Its first-quarter revenue slumped 88% year-on-year to VND262 billion. Despite a decrease in production costs, NT2 incurred a gross loss of VND225 billion, compared to a gross profit of VND252 billion Quarter one of 2023.

Other performance indicators remained stable.

The sharp downturn in NT2’s performance is noteworthy against the backdrop of higher demand for thermal power in early 2024 due to unfavorable hydroelectric conditions caused by the El Nino phenomenon.

NT2 gave no explanation for the decline, only reporting a significant drop in electricity production year-on-year. Their output in the first three months of 2024 was just 151 million kWh, compared to over one billion kWh in the same period of 2023.

The company’s balance sheet at the end of the quarter saw a 3% fall in total assets versus the beginning of the year, exceeding VND8.2 trillion.

Short-term assets decreased by 26% to VND3.5 trillion, with cash and cash equivalents down 42% and short-term receivables down 25%, at VND1.2 trillion and VND1.7 trillion, respectively.

On the liabilities side, all debts are short-term, totaling over VND4.2 trillion, up 3% against January. This raises concerns about the company’s ability to meet its short-term debt payment obligations, as both the current ratio (0.83) and quick ratio (0.75) are below 1, indicating risks to the company’s ability to operate as a going concern.

Closing the trading session today, April 22, NT2 edged up 2.12% to VND21,500, with over one million shares traded.

With winners far outnumbering losers by 374 to 114, the VN-Index rose by 15.37 points, or 1.31%, to close at 1,190.22 points.

However, the trading volume and value plunged by over 32% from the previous session, with 708.58 million shares worth nearly VND16 trillion changing hands. Block deals totaled 92.66 million shares worth VND2.05 trillion.

The VN30 basket, comprising the 30 largest-cap stocks, saw 23 bluechips advancing and four others dipping. The VN30-Index added 12.61 points, or 1.06%, to 1,206.64 points.

BID emerged as a key driver of the market, surging 3.62% and adding 2.49 points to the benchmark index.

The main index rose thanks in part to a strong performance by securities stocks such as VIX, VND, and SSI. They all increased by over 5% and had trading volumes exceeding 19.5 million shares, with VND soaring to its ceiling price of VND20,200.

VIX was the most actively traded stock on the market with more than 27.9 million shares being matched.

On the Hanoi Stock Exchange, the HNX-Index rose by 4.51 points, or 2.04%, to close at 225.31 points, with 137 gainers and 42 decliners. The trading volume surpassed 75 million units, with a total value of nearly VND1.4 trillion.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest articles