Pha Lai Thermal Power Joint Stock Company (PPC) in the northern province of Hai Duong earned some VND881 billion (US$38.7 million) in pre-tax profit in the first nine months of this year, exceeding target by 22 per cent.

According to financial news website cafef.vn, PPC previously targeted pre-tax profit of VND723 billion for the year 2017.

The company attributed the increase to the rise in electricity production and higher average electricity prices compared with the same period in 2016.

During the first nine months of 2016, PPC reported a loss of VND300 billion in pre-tax profit.

The company’s total nine-month revenue reached VND4.6 trillion, up VND180 billion against last year.

As of the end of the quarter, PPC’s short-term financial investments decreased five times to VND450 billion. Outstanding debts also fell by more than a half to VND2.3 trillion, of which short-term debts were more than VND987 billion, down 35 per cent compared with the beginning of the quarter, while long-term debts stood at nearly VND1.4 trillion, down 64 per cent. — VNS