28.9 C
Ho Chi Minh City
Wednesday, April 2, 2025

PV Power profit down after 2024 audit

The Saigon Times

Must read

HCMC – PetroVietnam Power Corporation (PV Power), whose POW shares are listed on the Hochiminh Stock Exchange, has reported a 10% post-tax profit decline in 2024 after its financial statements were audited, translating into a reduction of VND134.6 billion.

Following the audit by Deloitte Vietnam, PV Power’s 2024 post-tax profit now stands at VND1.2 trillion, compared to the previously reported VND1.34 trillion. The lower figure stems largely from a VND258.2 billion rise in total costs despite an additional VND124.4 billion in profit and other income.

Explaining the changes, PV Power said its parent company saw a pre-tax profit increase of VND18 billion, while subsidiaries contributed an extra VND20 billion. Earnings from associates also went up by VND41 billion.

However, a VND213 billion reduction was recorded due to adjustments linked to Nam Chien Hydropower, which is no longer recognized as an associate. PV Power used audited financial data from Nam Chien’s 2024 statements, issued on March 24, 2025, to revise the investment’s carrying value. Additionally, the company’s corporate income tax expense rose by VND0.84 billion.

For the entire year, PV Power posted VND30.305 trillion in revenue, up 7% against the previous year, while post-tax profit was VND1.21 trillion, down 5.6%. Its gross profit margin dipped from 9.5% to 6.6%.

Closing the trading session today, April 1, POW inched up 1.17% to VND12,950, with a trading volume of 6.5 million shares.

The Hochiminh Stock Exchange ended today’s trading session on a positive note as the VN-Index added 10.47 points, or 0.80%, to close at 1,317.33 points, with 308 winners and 103 losers.

Over 620 million shares totaling VND15.03 trillion changed hands, down 29% in both volume and value compared to the previous session. Block deals accounted for more than 69.8 million shares worth VND1.44 trillion.

The standout performers were the three Vingroup stocks. VRE led gains in the VN30 basket, adding 4.44% to VND19,950 on a matching volume of over 16.4 million shares. VHM rose 3.3% to VND52,900 with 11.8 million shares traded, while VIC advanced 2.9% to VND59,700 with 7.75 million shares traded. Collectively, VHM and VIC contributed nearly four points to the VN-Index.

Several other bluechips propped up the index, particularly in the banking sector. Most of lenders inched up by around 1%, except for MBB and STB, which gained 2.1% and 3.7%  to VND24,600 and VND39,650, respectively.

Mid- and small-cap stocks in the mining sector made notable strides, with YBM, FCM, BMC, and TNT all hitting their ceiling prices. Liquidity for these shares, however, remained modest. SMC and HVH also hit their upper limits, with SMC matching over 3.11 million units and HVH nearly 0.6 million.

On the losing side, selling pressure weighed on select tickers, though declines were limited. FRT fell 6.8% to VND154,000, SHI slid 4.8% to VND14,950, and CTR dropped 4.1% to VND98,700.

SHB took the lead by liquidity on the southern market with nearly 36.2 million shares changing hands.

The HNX-Index of the Hanoi Stock Exchange briefly dipped below its reference mark early in the afternoon but rebounded strongly toward the close. It added 1.35 points, or 0.58%, to finish at 236.42 points, with 104 advancers and 60 decliners. Nearly 46.1 million shares changed hands for a total value of VND720 billion.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest articles