Surprise when the 'big guys' of electricity and oil and gas see plummeting profits

Some "big guys" in the oil and gas, electricity industry... unexpectedly reported a sharp decrease in profits in the first quarter of 2024. For example, Vietnam Oil and Gas Power Corporation - Joint Stock Company (stock code POW) informed that the total electricity output in the first quarter of 2024 reached 3.54 million kWh, equal to 86% of the plan and down 11% compared to the same period in 2023. The total revenue of the corporation is estimated at 6,279 billion VND, down 19% compared to the same period last year. Notably, the company estimated the pre-tax profit of the entire corporation at 51 billion VND, down nearly 93% compared to the first quarter of 2023.

Nhon Trach 2 Petroleum Power Company (NT2) reported a loss in the first quarter of 2024.

The company said that the electricity output increased compared to the plan, leading to increased revenue at some subsidiaries. However, at units such as PV Power Nhon Trach, PV Power Ha Tinh , PV Power Nhon Trach 2... due to lower electricity output than the assigned plan, revenue decreased compared to the quarterly plan. At the same time, the market electricity price in the first 3 months of this year decreased compared to the same period of previous years, averaging 1,500 VND/kWh, lower than the average of the same period in 2023 of 1,689 VND/kWh, which reduced revenue at power plants...

Previously, Vietnam Oil and Gas Technical Services Corporation (stock code PVS) held a preliminary review of its work in the first quarter of 2024. The company's leaders informed that consolidated revenue is estimated at VND 3,169 billion, down 18%, and pre-tax profit is estimated at VND 202 billion, down 24% compared to the first quarter of 2023.

Or Nhon Trach 2 Petroleum Power Joint Stock Company (NT2) reported revenue in the first quarter of 2024 reaching 282 billion VND, down 88% compared to the same period last year. This company suffered a loss of 158.2 billion VND while in the first quarter of 2023, it had a pre-tax profit of 246.2 billion VND, a decrease of 164.2%. According to the explanation, the company said that in the first quarter of 2024, the sharp decrease in electricity output caused a decrease in electricity production revenue of 1,921 billion VND; operating profit decreased by 3.5 billion VND...

Source: https://thanhnien.vn/bat-ngo-khi-cac-ong-lon-dien-dau-khi-lao-doc-loi-nhuan-185240420090849676.htm