EVNGENCO 3 reported a sudden change of profits in the 2nd Quarter due to revert of VND 720 billion of the exchange rate difference

In the 2nd Quarter, the financial expenses of Power Generation Corporation 3 was negative VND 207 billion because the Corporation were reverted VND 720 billion of the exchange rate difference and loan interest was decreased by VND 211 billion compared to the same period last year.

The Power Generation Corporation 3 (EVNGENCO 3 - Stock code: PGV) has just released its financial statements for the 2nd Quarter, the net sales were down to 13% of VND 10,468 billion.

Contrary to the decline in revenues, the after-tax profit was increased 13.6 times compared to the same period last year, reached VND 1,115 billion, of which the after-tax profit of the parent company's shareholders was VND 1,096 billion. The Corporations’ positive business results were due to its financial activities.

Particularly, in the 2nd Quarter, the financial revenue increased by 43% up to VND 184 billion thanks to an increase in dividends and shared profits. On the other hand, the financial expenses were negative VND 207 billion because the Corporation was reverted VND 720 billion of the exchange rate difference and loan interest was dropped by VND 211 billion year-on-year.

In the first 6 months, EVNGENCO 3’s net sales were decreased by 4% equivalent to VND 21,527 billion; however, the after-tax profit of the parent company's shareholders increased by 79% compared to the first half of 2019, reached VND 717 billion.

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