Phong Lieu Wind Power JSC reported VND124 billion ($5.3 million) after-tax profits last year, 2.7 times higher than the previous year.
The company’s equity increased by 22.5% to VND675 billion. It has liabilities of VND1.135 trillion, down 9% from the previous year.
The figure included bonds worth VND800 billion, down more than 12% year-on-year, and accounting for more than 70% of its total debt.
The Phong Lieu Wind Power project has a total production capacity of 48MW with a total investment of VND1.6 trillion.
Phong Lieu’s reported profits came as a surprise to some as other wind power business incurred losses.
VnExpress data showed that by mid-May, most wind power projects had reported losses or plummeting profits to the Hanoi Stock Exchange.
Most of Vietnam’s wind power projects are in the south-central region.
These wind power businesses issued bonds with high interest rates, at 9-10.75% a year.