AsemconnectVietnam - Truong Thinh Energy Investment Joint Stock Company (stock code TTE) has just announced its business results for the second quarter of 2022 and the first 6 months of the year with revenue decline but profit growth.

In the separate financial statement of the second quarter of 2023, the Company recorded a 20% decrease in electricity sales, reaching VND14.1 billion; gross profit decreased by 34% to VND7.96 billion, but financial revenue increased by 114.216% to VND14.5 billion while this amount was only VND12.7 million in the same period last year. Financial expenses in the period increased by 64% to VND18.2 billion, selling expenses increased by 13%.
The profit after tax in the second quarter of 2023 in the separate report reached VND2.84 billion, an increase of 1,185% compared to last year with a loss of more than VND262 million.
Accumulated in 6 months in the separate report, the company recorded after-tax profit of VND3.38 billion, up 1,392% over the same period last year.
TTE said the situation in the first 6 months of 2023 is not favorable for hydroelectricity production. However, the business results in the second quarter of 2023 and accumulated for the first six months of 2023 increased sharply compared to the same period last year due to the increase in financial revenue.
In the consolidated financial statements of the second quarter of 2023, TTE's electricity sales reached VND30.9 billion, down 20% compared to the same period last year; gross profit decreased by 32%, reaching VND17.2 billion; However, thanks to the sudden increase in financial revenue of 19,926% to VND14.5 billion, profit after tax in the period reached VND3.2 billion, up 40%.
Accumulated in the first 6 months of 2023, the Company's consolidated revenue reached VND70.2 billion, down 9% compared to the same period last year; profit decreased by 4% to VND6.49 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan