PPC released Q1 2022 earnings results with NPAT of VND80bn (USD3.4mn; -42% YoY). The plunge in Q1 2022 earnings was mainly driven by lower dividend income and no more reversal provision for financial investments in Quang Ninh Thermal Power JSC and EVNFinance JSC. NPAT from electricity generation was VND22bn (USD1mn; +14% YoY) as strong competitive generation (CGM) prices outweighed an 8% YoY decrease in sales volume (see Figure 1).

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