Vinacomin expects 10% rise in profits to $57.1 million

Vinacomin expects 10% rise in profits to $57.1 million

The profits of the Viet Nam National Coal and Mineral Industries Group (Vinacomin) in the first nine months of the year is expected to reach VND1.2 trillion (US$57.1 million).

This is a 10 per cent year-on-year increase.

Nguyen Van Bien, Vinacomin's deputy general director, told a press meeting held in Ha Noi this week that in the January-September period, the group earned VND78.3 trillion ($3.7 billion) in revenue, which is a 12 per cent increase year-on-year, meeting 74 per cent of the year's target.

While the company contributed VND8.6 trillion ($409.5 million) to the State coffer in the period, the revenue from coal was VND39.1 trillion ($1.86 billion), representing a 12 per cent year-on-year increase. The revenue from minerals amounted to VND4.4 trillion ($209 million), a 21 per cent year-on-year increase.

Vinacomin produced 25.6 million tonnes of coal in the period, which is a 2 per cent year- on- year increase, meeting 75 per cent of the year's target.

Coal consumption also rose by 2 per cent to touch 26.2 million tonnes, including 4.84 million tonnes for exports and 21.38 million tonnes for domestic consumption.

The revenue from electricity production and consumption rose 21 per cent to touch VND8.3 trillion ($395 million).

The firm's electricity output in the first nine months of this year was 6.37 billion kWh, meeting 75 per cent of the year's target.

Vinacomin has implemented several electricity projects such as the Dong Nai 5 Hydropower Plant, the Nong Son Thermopower Plant and the Na Duong 2 Thermopower Plant. The projects also include the Cam Pha 3 Thermopower Plant, the Quynh Lap 1 Thermopower Plant and the Hai Phong 3 Thermopower Plant.

Viunacomin also announced that the Tan Rai Alumin Plant has been operating in a stable manner, producing 90 per cent of its designed capacity in the past two months.

Vinacomin's total investment in capital construction was estimated at VND14.3 trillion ($680.9 million), posting a 29 per cent year-on-year rise.

Bien said the average salary of the company's labourers rose by 5 per cent to reach VND7.75 million ($370) each per month in the first three quarters of the year due to increasing turnover. 

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