- NT2 released Q3 2021 results with reported NPAT of VND273bn (USD12mn) despite weak sales volume (-40% YoY) vs a loss of VND6bn (USD260,870) in Q3 2020. We attribute these strong earnings results to (1) NT2’s flexible temporary shutdowns of generators (in which gas costs and other cash cost savings outweighed fixed costs to reduce its loss), (2) secured contracted volume (+25% YoY) and (3) the company’s solid bidding strategy.

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