Despite reporting billions in losses in the first half of the year, the Vietnam Electricity Group (EVN) has just estimated a profit of VND2trn(USD89.54m) to VND3trn for 2016.
EVN estimated a profit of VND2trn(USD89.54m) to VND3trn for 2016
EVN had reported losses of VND6.371trn (USD282.9m) due to foreign exchange fluctuations, posting a post-tax loss of VND716bn (USD32m) in the first half of this year.
Financial reports for the first half of 2016 showed that EVN earned VND131trn (USD5.8bn), a 17% increase on last year. However, financial costs increased to VND15.5trn, leading to VND716bn in losses.
Dinh Quang Tri, deputy director of EVN said it was a consolidated report for the mother company EVN and nine member companies.
However, because of the dry season, many member companies had to increase generator capacity and buy more oil and coal-fired power from other sources. Output from hydropower plants was low while production costs increased.
Tri went on to say that the Ministry of Industry and Trade may consider and adjust the prices based on the foreign exchange rates in an end-of-year settlement. Most of the losses were in member power generating corporations.
