Enterprise

Quảng Ninh Thermal Power Profits Halved Due to Electricity Price Adjustments

Quảng Ninh Thermal Power JSC (UPCoM: QTP) reported a 57% year-over-year decline in profit for Q3 2025. The primary driver of this downturn was a decrease in electricity selling prices, which led to a contraction in revenue.

Administrator

24 October, 2025

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QTP’s Business Targets for Q3/2025

Source: VietstockFinance

In Q3, QTP recorded nearly VND 2.06 trillion in net revenue, a 14% decline year-over-year, primarily due to reduced electricity selling prices. The cost of goods sold decreased by only 12%, resulting in a gross profit of VND 64 billion, down 43% compared to the same period last year.

Financial activities showed improvement, with financial revenue surging to VND 8 billion (up from just over VND 860 million in the same quarter last year). Conversely, financial expenses dropped by 18% to VND 2.6 billion, largely attributed to lower interest expenses as a result of reduced debt levels. Administrative expenses rose by 9% to VND 28 billion.

After deducting all expenses, QTP’s post-tax profit stood at VND 33 billion, a 57% decrease year-over-year.

For the first nine months of the year, QTP achieved over VND 7.8 trillion in net revenue, a 13% decline compared to the same period last year; post-tax profit reached over VND 396 billion, down 15%. Despite the downturn, QTP’s performance remains stable relative to the 2025 Annual General Meeting’s targets, achieving 66% of its revenue goal and 86% of its post-tax profit plan.

Source: VietstockFinance

By the end of Q3, QTP’s total assets reached nearly VND 6.9 trillion, an 8% decrease from the beginning of the year, with approximately VND 4.4 trillion in current assets, slightly down. Notably, cash and cash equivalents surged to nearly VND 1.09 trillion, doubling since the start of the year.

Conversely, short-term receivables plummeted by 23% to VND 2.3 trillion, primarily due to reduced receivables from EVN’s Power Trading Company. Inventory levels decreased slightly by 6.8% to VND 822 billion.

On the liabilities side, total debt fell sharply by 34% from the beginning of the year to VND 1.57 trillion. All debt categories saw significant reductions, including short-term payables to suppliers, which dropped by 41% to VND 844 billion, and short-term and long-term loans, which decreased by 52% to VND 93 billion (comprising VND 50 billion in short-term loans and VND 43 billion in long-term loans).

Châu An

– 08:08 23/10/2025