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PV Power obtains three-fourths of full-year profit goal in Jan-Sept

The Saigon Times

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HCMC – PetroVietnam Power Corporation (PV Power) achieved 77% of its 2023 profit target in the first nine months of 2023, with net profit reaching VND861 billion.

Despite volatile input costs, adverse weather conditions like El Nino, and volatile global oil prices, the company registered positive growth in the nine-month period.

PV Power generated more than 11.1 trillion kWh of electricity, meeting 101% of its nine-month goal and 71.51% of its annual target for 2023.

Furthermore, the company reported revenue of VND22.5 trillion, or 74.28% of its goal for the year.

Last August, the company secured a significant long-term credit agreement valued at VND4 trillion with Vietcombank. This financing arrangement is set to fund the development of Nhon Trach 3 and Nhon Trach 4 power plants.

PV Power initiated preparations for these projects back in 2018, with Vietcombank serving as an early financial partner, offering competitive terms.

On the operational front, PV Power said that maintenance and repair tasks across its plants are on schedule. In a significant development in August, the S1 unit of the Vung Ang Thermal Power Plant was successfully restored and reconnected to the national grid, substantially boosting the company’s electricity output.

Its POW shares stayed at the reference price of VND11,200 per share today, October 25, with a matching volume of over 2.8 million shares.

The VN-Index of the Hochiminh Stock Exchange shed 4.24 points, or 0.38%, to 1,101.66 points, with 190 winners and 274 losers.

The total trading volume reached 539.3 million shares valued at VND11 trillion, up 6% in volume and 5% in value compared to the previous session. There were 56.3 million shares worth more than VND1.3 trillion traded through block deals.

VIX took the lead by liquidity with 24.9 million shares changing hands. It edged down a slight 0.3% to VND14,650 per share.

The Hanoi Stock Exchange saw 66 stocks advancing and 93 others declining. The HNX-Index lost 1.88 points, or 0.82%, to 227.01 points, with a matching volume of 86.3 million shares and a value of VND1.6 trillion.

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