Up to now, FECON has exceeded its plan by 1,000 billion VND in sales from wind power projects in 2020.

Recently announced, FECON Joint Stock Company (Ticker: FCN) said that it has just won a number of new projects in August 2020 with a total value of 583 billion VND.

In particular, FECON won a bid of nearly 440 billion VND at Quoc Vinh Wind Power Plant in Soc Trang.

The package FECON is in charge of includes design, procurement, construction, testing of 110kV transformer station, design and testing of 110kV transmission line and construction of the main factory area. Implementation period lasts 1 year, starting from 8/2020.

In addition to the project in Soc Trang, FECON has won the bid to construct many other wind power projects since the beginning of 2020, including the Tra Vinh wind power plant project V1-3, the wind power plant project Thai Hoa Binh. Thuan, the Quang Binh B&T wind power project and the Cau Dat Da Lat wind power plant project.

Accordingly, the total value of bidding packages related to the wind power sector has reached nearly 2,000 billion VND since the beginning of the year. With the above results, FECON has exceeded the plan by 1,000 billion VND in sales from wind power projects in 2020.

The remaining winning project in this batch is related to the construction of roads and rainwater drainage systems, supply and installation of electromechanical equipment for research projects, manufacturing and trading equipment. LED lighting with open structure connecting IOT and optoelectronic materials in Hoa Lac Industrial Park, Thach That, Hanoi with sales of more than 143 billion VND.

Up to now, the total value of new contracts signed in 2020 of the Group is nearly 3,800 billion.

At the Annual General Meeting of Shareholders held on June 18, FECON’s Board of Directors stated that decisions to accelerate disbursement of public investment capital from the Government will facilitate infrastructure and energy projects. Accordingly, the company sets a target of contract sales in 2020 reaching 5,500 billion, up 34%.

Recently, the company has announced consolidated financial statements for the second quarter of 2020 with net sales of 762 billion VND, an increase of 27% over the same period last year. However, this quarter’s net profit plunged 74% because there was no longer a record of 198 billion dong in other financial revenue as the same period.

Generally, in the first 6 months, the business recorded 1,190 billion dong in net revenue, up 9% but after-tax profit decreased by 67% compared to the first half of 2019.

Compared with the target of 4,000 billion in revenue and 233 billion dong of profit after tax set in 2020, the business has just achieved 30% of the revenue target and 15% of the profit target for the whole year.

Source: vietnambiz.vn