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TTCS announces 50% profit rise

Update: February, 24/2018 - 09:00
The headquarter of Thành Thành Công Biên Hòa Sugar JSC (TTCS) in Biên Hòa City, southern Đồng Nai Province. — File Photo
Viet Nam News

HÀ NỘI – Thành Thành Công Biên Hòa Sugar JSC (TTCS) announced post-tax profits for the first half of the fiscal year 2017-18 of VNĐ260 billion (US$11.5 million), a yearly increase of 49.4 per cent.

The post-tax profit recorded for the parent company’s shareholders was VNĐ255 billion, TTCS said in its first-half financial report.

The fiscal year for TTCS begins on July 1 and ends on June 30 of the following year.

TTCS reported that its revenue for the first half of the fiscal year reached VNĐ5.47 trillion, up 160 per cent from a year before.

Sales of sugar products contributed 92.5 per cent of the company’s total revenue, equal to VNĐ5 trillion, and the figure rose 164 per cent year on year.

TTCS also recorded increases in sales of other products such as rubber, honey and fertilisers.

Notably, the firm’s financial revenue multiplied by 4.4 times year on year to VNĐ434 billion with more than 62 per cent of the figure attributed to sales of the company’s previous financial assets.

The company also recorded a 130 per cent increase in its bank deposit, which rose to VNĐ148 billion. By the end of the fiscal year first-half, TTCS had VNĐ447 billion worth of financial deposits.

In its report, TTCS also said its financial expenses increased by VNĐ285 billion to VNĐ423 billion. The figure included VNĐ384 billion worth of interest payments.

Total debt TTCS had to pay rose by VNĐ6 trillion to VNĐ10.7 trillion from the end of the last fiscal year. Of the total, short-term and long-term lending doubled to VNĐ5.92 trillion and VNĐ3.13 trillion.

The rosy figures were attributed to TTCS’s merger with Biên Hòa Sugar JSC (BHS) in the third quarter of 2017.

TTCS had to issue 303.8 million shares to swap for 298 million BHS shares to create the largest Vietnamese sugar producer. BHS was delisted from the HCM Stock Exchange on August 29, 2017.

After the merger, TTCS’s total assets increased by VNĐ10 trillion to VNĐ17.85 trillion while its owner equity rose by VNĐ4 trillion to VNĐ7.13 trillion. – VNS

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