Q1 2024 Financial Statements Update on April 21: Mixed Results Delivered, Power Sector Giant Records Only 7.3% of Last Year’s Q1 Earnings

Revenue plunged by 42% during Chương Dương Beverage's 13th consecutive quarterly loss, resulting in a cumulative loss now exceeding 200 billion VND.

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Newly released Q1 2024 financial statements as of April 21st: 

PetroVietnam Power Corporation (PV Power, POW) reported a Q1 electricity output of 3.54 million kWh, equivalent to 86% of its target and an 11% decrease year-over-year. The corporation’s total revenue in Q1 2024 is estimated at VND 6,279 billion, accounting for 81% of the same period last year. PV Power estimates its pre-tax profit at VND 51 billion, only 7.3% of the same quarter last year.

Chuong Duong Beverage JSC (SCD) announced its Q1 2024 business results with revenue of VND 56.8 billion, a 10.8% decrease compared to the same period last year. The company’s expenses saw an overall increase, resulting in a loss of VND 17.3 billion this quarter, while the loss in Q1 2023 was nearly VND 3 billion. 

As of March 31, the company had accumulated losses of nearly VND 218 billion. 

Saigon Polyester Fiber JSC (STK)recorded revenue of VND 265.7 billion, a 7.6% decrease year-over-year. Combined with the decline in financial revenue and increase in financial expenses, the company’s pre-tax profit was a mere VND 1.1 billion, a 61% decrease. 

VPBank Securities reported pre-tax profit of VND 182 billion, a 44% decrease from the same period last year. 

DNSE recorded a 76% year-over-year increase in pre-tax profit to VND 88 billion. 

Tri Viet Securities (TVB) surprisingly reported a 2,747% increase in profit compared to the same period last year, reaching VND 48 billion. 

Leaders of Petroleum Technical Services Corporation (PVS) announced estimated consolidated revenue for Q1 2024 of VND 3,169 billion, equivalent to 20% of the annual target and an 18% decrease year-over-year. Pre-tax profit is estimated at VND 202 billion, a 24% decrease compared to Q1 2023 and approximately 23% of the annual target.

LienVietPostBank (LPB) recorded pre-tax profit of VND 2,886 billion in Q1, an 84% increase year-over-year.

VNDirect Securities (VND) reported a 334% increase in pre-tax profit in Q1, reaching VND 767 billion, primarily due to significant reductions in operating and financial expenses.

Nhon Trach 2 (NT2) recorded an 88% decrease in revenue in Q1 to VND 282 billion and a pre-tax loss of VND 158 billion. The company attributed this to a decline in electricity output to 151.5 Tr.kWh in Q1 2024, compared to 1,074.8 Tr.kWh in the same period in 2023. 

SOURCEcafef
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