HND - Record net losses due to lower PPA fixed component - Earnings Flash
  • 2021-04-13T21:05:26
  • Company Research
HND published underwhelming Q1 2021 results with a net loss of VND11bn (USD472,000) vs NPAT of VND200bn (USD8.6mn) in Q1 2020. These results were mainly driven by (1) a scheduled reduction in HND’s fixed component in its power purchasing agreement (PPA) price that took effect on January 1, 2021, and (2) a 30% slump in sales volume due to lower contracted volume and muted competitive generation market (CGM) volume due to unattractive CGM prices. Q1 2021 results trailed our expectation due to