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PV Power’s January revenue drops 4% y-o-y

The Saigon Times

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HCMC – PetroVietnam Power Corporation (PV Power), whose POW shares are traded on the Hochiminh Stock Exchange, posted a 4% drop in revenue in January compared to the same period last year.

The firm obtained VND2.1 trillion in revenue, representing 82% of its January revenue target. The highest revenue contributors were the Vung Ang 1 power plant with VND1 trillion and Ca Mau 1&2 power plants with a combined VND843.5 billion.

At a recent meeting, PV Power’s general director, Le Nhu Linh, highlighted low electricity output in January at the company’s plants. While PV Power’s total output reached 1.2 billion kWh in January, power generation during Tet dipped to only 15% of capacity. This situation, coupled with prepayment obligations for gas offtake, is affecting production and business efficiency.

In February, PV Power looks to produce 1.15 billion kWh of electricity and generate revenue of VND2.1 trillion.

At the close today, February 26, POW shares saw a sharp turnaround after a four-day losing streak, inching up 2.13% at VND11,500 per share, with 6.8 million shares changing hands.

The Hochiminh Stock Exchange saw 270 winners and 214 losers, leading the VN-Index to add 12.17 points, or 1%, over the previous session, to 1,224.17 points.

Stock trade dropped 35% in both volume and value against the session earlier, with 890 million shares worth nearly VND21 trillion changing hands. Block deals contributed 55 million shares worth VND1.4 trillion.

In the VN30 basket, 19 bluechips advanced and eight others declined. The VN30-Index edged up 10.22 points, or 0.84%, to 1,233.31 points.

GVR made the biggest gain, at 4.5%, reaching VND28,800 per share. It was followed by FPT, BID, and SSI, with respective rises of 3.9%, 3.1% and 2.8%.

Securities stocks attracted cash flow, with many tickers such as FTS, VDS, AGR, and BSI rising above 3.8%.

Securities stock HCM took the lead by liquidity on the southern market, with volume of nearly 32 million shares. It shot up to its daily upper limit at the close, at VND28,300 per share.

Gainers outnumbered decliners on the Hanoi Stock Exchange by a ratio of 107 to 63. The HNX-Index improved 0.77%, adding 1.79 points at 232.86 points. The northern exchange saw 78.8 million shares worth nearly VND1.5 trillion traded.

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