PetroVietnam Power Corporation (PV Power) reported revenue and pre-tax profit of VND24.8 trillion (US$1.06 billion) and VND1.8 trillion, respectively, in the first nine months of the year.

These results are equivalent to 106 per cent and 124 per cent of the annual plan, respectively.

After-tax profit was estimated at VND1.4 trillion.

According to the consolidated financial statement of PV Power, the company was converted into a joint stock company from July 1, so the first accounting period of PV Power is meant to last from July 1 to September 30.

In the third quarter of this year, PV Power’s revenue reached VND6.9 trillion, while gross profit was VND983 billion. PV Power posted a net profit of VND147 billion, or 12 per cent of the first half’s result.

Explaining the difference in results in the third quarter compared to the first half, the company said the reason was the establishment and adjustment in the period of its financial year when converted into a joint stock company from July 1.

PV Power’s shares (with code POW) are being traded at around VND13,600 per share on the Unlisted Public Company Market.

The company was established in 2007 and it was fully-owned by PetroVietnam. PV Power operates one coal-based thermal power plant, three gas-based thermal power plants, and three hydropower plants. The annual production is more than 4,200MW – equal to 10 per cent of the country’s total power output. — VNS