AsemconnectVietnam - Hai Phong Thermal Power Joint Stock Company (stock code HND - UPCoM) has just announced its financial statements for the second quarter and first half of 2023 with a profit after tax of VND191 billion, down 64% over the same period last year.

In the second quarter of 2023, the enterprise recorded net revenue of VND3,366.4 billion, up 26.4% over the same period last year. The reason is that the power output in the second quarter of 2023 is 239.7 million kWh higher than the same period in the same period, besides, the price of PC increases due to the increase in coal price and higher market price in the same period, leading to an increase in revenue.
This period, cost of goods increased by 17.7%, to VND3,366.4 billion, leading to gross profit of enterprises reaching 230 billion dong, down 37% compared to the second quarter of 2023. Gross profit margin decreased from 13.7% to only 6.8%.
In the second quarter, corporate finance revenue was negative nearly VND1.4 billion, while the same period recorded nearly VND12 billion because deposit interest in this quarter was lower than in the second quarter of 2022. Regarding expenses: financial expenses decreased by more than 76%, to more than VND14 billion due to the decline in the balance of long-term loans; General and administrative expenses decreased slightly to VND24.2 billion.
As a result, Hai Phong Thermal Power recorded a profit of VND181 billion in the second quarter of 2023, down 35.3% compared to the second quarter of 2022.
Accumulated in the first half of 2023, HND's net revenue reached VND5,937.6 billion, an increase of more than 14% compared to the same period last year, but due to high cost of goods sold, corporate profit after tax decreased by 64% compared to the first half of the year. in 2022, reaching VND191 billion.
At the Annual General Meeting of Shareholders in 2023, HND approved a business plan with a total revenue of VND13,297.6 billion (up 26% compared to the implementation in 2022); pre-tax profit reached VND565.7 billion (down 10% compared to 2022). Thus, after the first 6 months, with pre-tax profit of more than VND201 billion, HND has completed 35.5% of the year plan.
By the end of the second quarter, the total assets of Hai Phong Thermal Power Plant reached VND8,195.4 billion, a slight decrease compared to the beginning of the year. In which, cash and cash equivalents reached VND549 billion, up 6.4%; short-term receivables decreased by nearly 21% to VND2,782.3 billion.
On the other hand, corporate debt was VND1,983.3 billion, up 4.2% compared to the beginning of the year. The positive point is that in the first half of the year, HND has fully paid off more than VND392.4 billion of long-term debt. However, short-term payables increased by 8 times at the beginning of the year, from more than VND21 billion to VND171.3 billion from other accruals.
At the same time, other short-term payables increased 70.5 times from VND3.5 billion to VND247.2 billion, coming from dividends and profit payable. Previously, HND announced its plan to pay dividends in 2022 (two consecutive installments in July and August) in cash, at the rate of 9.84%, equivalent to VND492.5 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan