The consolidated financial report for the second quarter of 2024 just announced by Power Generation Corporation 3 - Joint Stock Company (EVN Genco3, stock code: PGV) shows that EVN Genco3 had a pre-tax loss of VND 290 billion, down 122% over the same period last year.

Accumulated in the first 6 months of this year, EVN Genco3's pre-tax profit was negative 941 billion VND, in the same period in 2023 it was 2,086 billion VND, down 145%.

Profit after tax in the second quarter of 2024 on the separate financial report is negative 295 billion VND, down 1,339 billion VND compared to the same period in 2023.

According to EVN Genco3, the main reason for this large loss is that the gross profit from sales and service provision in the second quarter of 2024 was only VND975 billion, a decrease of VND696 billion. The reason is that the electricity output sold was nearly 2,000 million kWh lower than the same period in 2023.

EVN Genco3 suffered a pre-tax loss of VND290 billion in the second quarter of 2024, down 122% year-on-year.

Financial revenue was VND53 billion, down VND275 billion year-on-year; financial expenses were over VND1,200 billion, up VND586 billion year-on-year, mainly due to an increase of VND620 billion in exchange rate differences (loss of VND591 billion in Q2/2024, profit of VND29 billion in Q2/2023).

Pre-tax profit in the second quarter of this year was negative VND293 billion, down VND1,536 billion, equivalent to corporate income tax expense in the second quarter of 2024 decreasing by VND197 billion compared to the same period last year.

Profit after tax in the second quarter of 2024 on the consolidated financial statements is negative VND 293 billion, down VND 1,396 billion compared to the same period in 2023. The main reason is that gross profit from sales and service provision decreased due to lower electricity sales output of 1,915 million kWh compared to the same period in 2023. Financial revenue decreased and pre-tax profit was negative VND 290 billion, accordingly, corporate income tax expense in the second quarter of this year decreased by VND 205 billion compared to the same period last year.

According to research, EVN Genco3 has 2 subsidiaries, including Ba Ria Thermal Power Joint Stock Company and Ninh Binh Thermal Power Joint Stock Company.

In particular, Ba Ria Thermal Power Joint Stock Company (stock code: BTP) announced a profit after tax of only 3.75 billion VND in the second quarter, down 88% compared to the same period in 2023. Accordingly, the profit after tax in the first 6 months of 2024 was only 13.2 billion VND, down 73% compared to 49.2 billion VND recorded in the first half of last year.

Ninh Binh Thermal Power Joint Stock Company (stock code: NBP) announced a pre-tax profit loss of VND659.6 million in the second quarter of 2024. NBP explained that this loss was due to the fixed price in 2024 being VND139,306/kW/month, while in 2023 the fixed price was VND143,914/kW/month, equivalent to a decrease of 3.31%. Fixed revenue decreased by VND3.3 billion compared to the PPA contract due to the unit being stopped due to unavailability, the unit being operated for a long time with low efficiency, registering with A0 to stop the unit for repair and maintenance; operating incorrectly according to the A0 chart due to hot weather affecting the vacuum of the units.

Previously, the audited financial report for 2023 of EVN Genco 3 showed that the profit after tax of the separate financial report reached VND 1,225 billion, a decrease of VND 952 billion compared to the same period in 2022. The profit after tax of the consolidated financial report was VND 1,083 billion, a decrease of VND 1,436 billion compared to 2022.

Profit after tax in 2023 on the consolidated financial statements after auditing is VND 1,084 billion, a decrease of VND 264 billion, equivalent to a decrease of VND 19.6 billion compared to the profit announced on the consolidated financial statements of the fourth quarter of 2023 before auditing.

Thu An