QTP – Earnings review – [BUY] – 1Q25: Profit shrinks as fuel price pressure

In 1Q25, QTP recorded revenue of VND2,912bn (-3% yoy) due to flat production, and FMP dropped 13% yoy to VND1,307/kWh. Additionally, (a) depreciation expenses decreased by 10% yoy but were insufficient to offset (b) a 4% yoy increase in coal prices. (c) Financial expenses fell to VND4.06bn (-53% yoy). However, (d) strong corporate tax expenses led to a significant decline in NPAT to VND240bn (-16% yoy).