Workers checking the system of Cà Mau 1&2 Power Plants under PV Power. The company's profit fell in the second quarter due to higher expenses. — Photo pvpower.vn

PV Power reported a sharp fall in net profit in the second quarter due to increased fuel prices.

In the quarterly financial statement, PV Power said that its total consolidated net revenue increased by nearly 13 per cent year-on-year to VNĐ8.43 trillion. Its profit before tax fell by 59.4 per cent, while expenses rose by 19 per cent to more than VNĐ8.3 trillion. 

The company said that the poor results were caused by higher fuel prices. The cost of goods sold rose 21.8 per cent on-year to over VNĐ1.4 trillion, causing its gross profit to halve to mostly VNĐ469.1 billion.

Meanwhile, PV Power recorded a loss of VNĐ13.9 billion in financial activities, significantly improving compared to the loss of VNĐ163.8 billion in the same period last year.

As a result, PV Power's consolidated profit after tax tumbled 69 per cent on-year to VNĐ181.6 billion. 

For the first half of 2023, the company recorded a net revenue of nearly VNĐ16 trillion, a gain of 9.2 per cent on-year, but profit after tax fell 40 per cent to VNĐ831.6 billion. 

Its parent company posted a profit of VNĐ660.2 billion. 

During the period, outputs of many power plants dropped due to the shortage of water and gas, increasing costs, and maintenance, according to PV Power.

On the stock market, PV Power's shares are traded on the Hồ Chí Minh Stock Exchange (HoSE) with ticker symbol of POW. POW shares were traded at VNĐ13,750 per share at 11:09 am (local time) on Monday. — VNS