HÀ NỘI – Truck distributor Hoàng Huy Investment Service JSC (HHS) has announced a 72 per cent drop in after-tax profits in the first quarter of this year to VNĐ54 billion (US$2.4 million).
The sharp fall in the company’s profit came after HHS reported a revenue of VNĐ493.6 billion in the first quarter, a decline of 17 per cent from last year’s number, and a loss of VNĐ200 million in other business activities.
The company’s earnings in the first quarter are equal to 12 per cent and 14 per cent of this year’s targeted revenue and after-tax profit, which are VNĐ4 trillion and VNĐ398 trillion, respectively.
By the end of March, HHS reached total asset of VNĐ3.25 trillion, an increase of VNĐ316 billion from the end of last year. The company’s inventories fell one-third to VNĐ528 billion by the end of the first quarter. — VNS