Vietnam Electricity posts $207.6-mln profit
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State power utility Vietnam Electricity (EVN) made a profit of VND4.74 trillion ($207.6 million) from all activities in 2020.
But, its core business of electricity production and trading reported VND1.3 trillion in losses due to price reduction and discounts. In 2020, EVN sold each kilowatt-hour for an average VND1,820.20, down 1.68 percent from 2019.
Reduction in sales price, together with changes in electricity load and consumption due to Covid-19, and VND12.3-trillion bill discounts for pandemic-hit customers, are cited as reasons for the loss.
The company reported more than VND6 trillion in revenue from its financial activities, capital transfers, and dividends profits in 2020.
Questions & Answers
Q.What was EVN's overall profit in 2020?
What was EVN's overall profit in 2020?
Vietnam Electricity (EVN) reported a profit of VND4.74 trillion ($207.6 million) from all its activities in 2020, despite losses in its core business. This figure represents the utility's total earnings across all sectors.
Q.Why did EVN's core electricity business make a loss in 2020?
Why did EVN's core electricity business make a loss in 2020?
The core electricity business reported VND1.3 trillion in losses due to price reductions, discounts, and changes in electricity load and consumption caused by Covid-19. Bill discounts for pandemic-hit customers also contributed to these losses.
Q.How much revenue did EVN generate from non-core activities?
How much revenue did EVN generate from non-core activities?
EVN generated more than VND6 trillion in revenue from its financial activities, capital transfers, and dividend profits during 2020. These income streams helped offset losses from its primary electricity production and trading operations.
Q.What was the average price per kilowatt-hour sold by EVN in 2020?
What was the average price per kilowatt-hour sold by EVN in 2020?
In 2020, EVN sold each kilowatt-hour for an average of VND1,820.20. This price represented a 1.68 percent decrease compared to the previous year, impacting the utility's revenue.
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