EVN suffers $1.31 bln loss this year

State utility Vietnam Electricity (EVN) is forecast to incur a loss of VND31 trillion ($1.31 billion) this year due to surging input costs and stagnant selling prices regulated by the government.

This analysis was announced by the Commission for the Management of State Capital at Enterprises (CMSC) at its recent year-end conference.

In November, EVN said it had expected a loss of about VND31.36 trillion in 2022 due to increased production costs driven by the rise in coal, oil and gas prices.

EVN said that from the beginning of the year, due to fluctuations in fuel prices around the world, the cost of electricity production and purchasing had surged.

Total parent company revenues of 19 state-owned groups and corporations is estimated at VND1,123.334 trillion ($47.44 billion), equivalent to 114% of the plan and 133% of the 2021 figure.

CMSC said that the total pre-tax profit of 18 state-owned groups and corporations, apart from EVN, is estimated at VND39.22 trillion ($1.66 biilion), equivalent to 173% of the target and 117% of 2021.

Of these, 15 had completed or exceeded their revenue targets; 17 completed or exceeded their pre-tax targets; and 16 completed or exceeded their state budget payment plans.

Notable achievers included oil and gas group Petrovietnam, gasoline retailer Petrolimex, chemical group Vinachem, mining group Vinacomin, and Vietnam Expressway Corporation (VEC).

Specifically, Petrovietnam completed its crude oil extraction plan two months and 11 days ahead of its schedule, and is expected to exceed its target by 28% this year. The group's revenue target was also reached four months in advance, and estimated to exceed its 2022 plan by 60%.

Meanwhile, Vietnam Maritime Corporation, the country's leading maritime service provider, exceeded its profit target of VND700 billion ($29.58 million) early, reaching VND3.2 trillion ($135.2 million).