Haiphong Thermal Power JSC (stock code: HND) has just announced its business results for the first quarter of 2024 with revenue of VND 2,788 billion, an increase of 8.8% over the same period last year. However, the cost of goods sold increased by only 2.2% to VND 2,580 billion, helping the gross profit of this enterprise increase by 4.3 times to VND 208.5 billion.
According to the explanation from Haiphong Thermal Power, the revenue of this unit increased due to an increase in electricity output of 519 million kWh. The company’s expenses did not fluctuate much compared to the same period last year.
Therefore, after deducting expenses, Haiphong Thermal Power’s after-tax profit reached VND 154.7 billion, 15.3 times higher than the same period. EPS also increased from 20 dong to 309 dong.
Another enterprise in the electricity sector that also reported a profit increase in the past quarter was Pha Lai Thermal Power (stock code: PPC). Specifically, the company recorded revenue of VND 1,996 billion, after-tax profit of VND 157.4 billion, an increase of 52% and 295% respectively compared to the previous year. The cost of goods sold did not increase as strongly as revenue, along with the unusual financial revenue from receiving dividends, were the reasons for the increase in Pha Lai Thermal Power’s profit.
