Vietnam Electricity's after-tax profit down 31.5% in Jan - Jun
As of June 30, Vietnam Electricity (EVN)`s total assets reached VND702.24 trillion (US$30.05 billion), slightly up 1% compared to the beginning of the year.
EVN, the sole distributor of electricity in the country, reported an after-tax profit of VND1.01 trillion (US$43.21 million) in the first half this year, down 31.5% year-on-year, according to the power company's consolidated financial statement.
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During this period, the power company's income from financial activities stood at VND2.43 trillion (US$103.98 million), down 34% year-on-year, but financial expenses increased by 12% to VND11.9 trillion (US$509.23 million).
Additionally, sale expenses jumped 4.5% year-on-year to VND2.93 trillion (US$125.37 million) and administrative expenses were up 12% to VND5.3 trillion (US$226.79 million).
As of June 30, EVN's total asset value reached VND702.24 trillion (US$30.05 billion), slightly up 1% compared to the beginning of the year. Of the sum, fixed assets were worth VND578.02 trillion (US$24.72 billion) and long-term assets in progress VND59.74 trillion (US$2.55 billion).
EVN's equity reached VND214.51 trillion (US$9.17 billion), slightly up 1% compared to the beginning of the year. The company's payables slid by 0.3% year-on-year to VND487.73 trillion (US$20.86 billion).
In 2018, the EVN set revenue target of VND328.9 trillion (US$14.13 billion), up 8.8% year-on-year, and VND117.84 trillion (US$5.06 trillion) for investment.
With regard to the equitization process of EVN's subsidiaries, namely Power Generation Corp. 1 and 2 (Genco 1and Genco 2), the process is scheduled to be on January 1, 2019, subject to Prime Minister's approval.
In the remaining months of 2018, EVN will withdraw all capital from affiliates such as Finance Joint Stock Company, Thu Duc Electro Mechanical Joint Stock Company, Dong Anh Electrical Equipment Corporation - Joint Stock Company, Thuan Binh Wind-Power Joint Stock Company, Power Engineering Consulting Joint Stock Companies 3 and 4.
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