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VietNamNews

Hùng Vương reports reviewed loss of $7.7 million

Update: June, 19/2017 - 09:00
Hùng Vương Corporation (HVG), one of the biggest seafood processors in Việt Nam, has reported a nearly six-time increase in its reviewed loss for the first half of the financial year. — Photo cafef.vn

HCM CITY — Hùng Vương Corporation (HVG), one of the biggest seafood processors in Việt Nam, has reported a nearly six-time increase in its reviewed loss for the first half of the financial year.

In the first six months of the fiscal year, which begins in October and ends in September of the following year, HVG recorded a loss of VNĐ173 billion (US$7.7 million) in its reviewed financial report.

The main causes for the increased loss include a rise of VNĐ127 billion in the cost of goods sold and a rise of VNĐ116 billion in management costs.

By the end of March, the company recorded a total VNĐ15.39 trillion in its assets. Most of its assets were located in short-term receivables, worth VNĐ6.67 trillion, and inventory, worth VNĐ3.87 trillion.

Shares of HVG, which is listed on the HCM Stock Exchange under code HVG, were placed on the exchange’s warning list on June 13 as the company failed to submit its reviewed financial report for the financial year 2016-2017 four times. — VNS

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