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EVN's 3-year profit just $1.55 million

Released at: 11:35, 09/01/2016

EVN's 3-year profit just $1.55 million

Electricity provider details business performance and divestment efforts.

by Minh Tuyet

Electricity of Vietnam (EVN) recorded revenue of VND2 trillion ($89.04 million) in the 2012-2015 period, for profit of a mere VND35 billion ($1.55 million), according its business report. The profit result falls well short of the target and is low for a group of its size.

It has said that in the future it will only focus on the electricity business and so has divested from its interests in non-electricity sectors such as real estate, banking, insurance, and securities.

In the 2012-2015 period EVN divested and cut its capital in seven companies, totaling VND1.993 trillion ($88.7 million).

There are six companies where EVN has fully divested all of its capital: the Vietnam Electricity Investment and Construction Joint Stock Company, the Saigon Vina Land Joint Stock Company, the Central Power Real Estate Joint Stock Company, the An Binh Securities Joint Stock Company, the An Binh Commercial Joint Stock Bank (ABBank), and the Global Insurance Company (GIC).

It is still to divest all of its capital in the EVN Finance Joint Stock Company (EVN FINANCE).

EVN reported that, in 2014, electricity produced and purchased reached 142.25 billion kWh, a 10.76 per cent increase against 2013. Commercial electricity stood at 128.43 billion kWh, 10 per cent higher than in 2013.

Of this, electricity for industry accounted for 53.9 per cent, a 13.59 per cent increase, and electricity for business, services, and consumption increased around 44.4 per cent. Revenue from electricity sales was estimated at VND196.37 billion ($9.16 million), 13.57 per cent higher than in 2013.

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