Friday , May 24 2024

EVN’s losses drag down public sector’s profits

State-owned companies saw pre-tax profits plunge by 44% this year to VND28.66 trillion (US$1.18 billion) mostly because of power monopoly Vietnam Electricity’s loss.

Without EVN’s VND24.5 trillion loss, they would have recorded profits of VND53.26 trillion, up 11% year-on-year.

“Some large state-owned firms such as EVN and Vietnam Airlines posted losses, which had a considerable impact on the combined profits of 19 state-owned companies,” according to the Commission for Management of State Capital at Enterprises (CMSC).

The 19 reported combined revenues of VND1.13 quadrillion, down 3.4% for the year.

They paid VND79.25 trillion in taxes, up 20%.

Fifteen of them exceeded their year’s pre-tax profit target.

Instant coffee producer Vinacafe achieved a turnaround after years of losses.

The CMSC said some companies delayed investment and completion of projects. Some have also been slow in restructuring and privatizing.

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