Coal company earnings up 9%
Coal company earnings up 9%
Viet Nam National Coal and Mineral Industries Group (Vinacomin or TKV) recorded revenue of VND69.8 trillion (US$3 billion) in the first eight months of this year, the company has announced.
The group achieved 65.4 per cent of the yearly plan, equal to 109 per cent of the revenue recorded in the same period last year.
Of the estimate, coal sales reached VND35.3 trillion, minerals production and consumption touched VND8.1 trillion, electricity production and sale totalled VND7.7 trillion and mechanical production earned VND1.4 trillion.
Meanwhile, production and sale of industrial explosives earned over VND2.8 trillion and other business production secured VND14.4 trillion.
The volume of raw coal production was estimated at 24.58 million tonnes, completing 68.3 per cent of the yearly plan and equal to 101 per cent over the same period last year. The production of clean coal was 22.74 million tonnes.
Coal consumption during the eight months reached 22.24 million tonnes, of which domestic coal consumption was 21.38 million tonnes and coal export was 866,000 tonnes.
In September, coal production is forecast to reach two million tonnes and coal consumption will be 2.5 million tonnes, of which domestic consumption will touch more than 2,300 million tonnes and exports will total over 155,000 tonnes.
According to TKV’s representative, in the last months of the year, the coal industry will continue to manage production according to the monthly consumption capacity, striving to reduce inventory of at least 500,000 tonnes of coal of all varieties to keep inventory at a sensible level by the end of the year.
The group will also speed up alumnium production at the Nhan Co and Tan Rai factories to increase business efficiency because aluminium prices are currently at a high level.
TKV plans to implement a restructuring plan that will focus on technical and technological restructuring, financial restructuring and labour restructuring.
At the same time, the company will be proactive in working with local authorities, strengthening inspection, control and protection of resources within the boundaries that have been licensed, preventing loss of coal from the inside of the mine and tightening upstream coal management.
