EVN may suffer loss of over 11.5tr dong in 2011

According to the business performance reports of state-owned groups and corporations, it would appear that most of them have posted low profit or even losses so far.
Notably, some large groups may suffer loss of up to thousands of billion of dong this year such as Electricity of Vietnam (EVN) with an estimated loss of 11.669 trillion dong, Vietnam National Petroleum Corp (Petrolimex) with 1.2 trillion dong loss, Vietnam National Shipbuilding Industry Group (Vinashin) with 3.092 trillion dong, and Vietnam National Shipping Lines (Vinalines) with 613 billion dong.

Other corporations and groups such as Vietnam National Oil and Gas Group (PetroVietnam-PVN), Vietnam Paper Corp, Vietnam Rubber Industry Corp, Coffee Corp, North Food Corp and Vietnam Post and Telecommunication Group (VNPT) may gain high output growth or high revenue, about 20-50% compared to 2010’s figure.

Also according to the report, in the first eight months of this year, the total revenue of the group of enterprises in production and business sector reached 1,021 trillion dong, up 26.8% year on year and equalling to 69% of the year’s plan. The profit in Jan-Aug of these firms reached 35.634 trillion dong, or 57% year on year (excluding Vinashin).

These firms (excluding Vinalines, Vinashin and Song Da Group) paid some 150.696 trillion dong to the state budget, rising 12% year on year and equalling to 70% of the year’s target.

Regarding the group of banks (excluding Vietnam Development Bank-VDB), the profit after tax of these banks was estimated to reach 14.813 trillion dong, or 99.7% of the year’s target and up 7.6% year on year and state budget payment reached 2.657 trillion dong, or 58.6% of the year’s plan and up 2.4% year on year.

As for the group of finance and insurance enterprises, Bao Viet Group and State Capital Investment Corp (SCIC) gained 18.848 trillion dong revenue in the first eight months of this year, exceeding 5.7% of the year’s target and up 20.2% year on year, profit after tax of 3.751 trillion dong, exceeding 0.73% of the year’s plan and up 15.2% y-o-y and state budget payment at 1.055 trillion dong, or 98.4% of the year’s plan and 25.9% year on year increase.

Tags: EVN