Friday , June 21 2024

Coal companies announce strong profit results in Q2

Vietnamese coal enterprises prospered in the second quarter due to the high demand for the resource for thermal power.

Deo Nai Coal JSC (TDN) reported a profit of VND15.6 billion (over $659,000) in the second quarter of 2023, 38 times higher than the figure of more than VND400 million in the same period last year.

In the first six months of 2023, the company achieved a profit of VND26.4 billion, an increase of VND20.1 billion compared to 2022.

The main reason was that fuel prices decreased by 15% compared to the same period in 2022, and the company’s production costs decreased, leading to higher profits.

Deo Nai Coal is an enterprise that exploits and collects hard coal, lignite, and supports mining and ores, around 65% of its invested capital comes from the Vietnam National Coal – Mineral Industries Group (Vinacomin).

Ha Tu Coal (THT) achieved profit after tax in Q2 of 28.04 trillion VND, an increase of VND21.7 trillion compared to 2022. In the first six months of 2023, profits reached VND44 billion.

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