The machinery system of the Company stably operated and generated last month. However, due to the rainy season, the hydropower plants in the system have to generate with high capacity, so the power output of PPC sold to EVN has decreased compared to that of the previous month.
Although the revenue from power production is lower than that of April, the Company still meet the schedule and the planned targets.
In May, PPC saw VND 394.48 billion of revenue and VND 104.22 billion of profit, which was a VND 15.88 billion and VND 7.81 billion decrease compared to that of last month, respectively. The pretax profit of the Company in the 5 first months was more than VND 500.28 billion.
According to the business plan for 2009, PPC has set a target of VND 3,847 billion for revenue and VND 297.13 billion for pretax profit.
Income Statement for April and May of PPC (unit: VND billion)
| Norm |
April |
May |
| Revenue |
410.36 |
394.48 |
| Cost |
298.33 |
290.26 |
| Pretax profit |
112.03 |
104.22 |
By May 31, the loan in Yen of the Company had been JPY 35.278 billion. The VND/JPY exchange rate issued by Vietnam State Bank on May 4, 2009 was 173.56 VND/JPY, decreasing 11.4 dong compared to that on December 31, 2008.
According to the national law, the exchange rate inequality will be defined at the moment of establishing the financial statement of the year. Therefore, the Company has not calculated the financial revenue from the exchange rate inequality.
After the trading session on June 12, PPC stock decreased from VND 12,000 to VND 31,700 with roughly 1.87 million stocks transferred.