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VinGroup posts 25% rise in Q2 revenues

Update: August, 16/2014 - 08:46

HA NOI (VNS)— Real estate developer VinGroup (VIC) announced a 25 per cent rise in its second-quarter revenue yesterday, driven by property sales.

VinGroup's total sales reached VND7.692 trillion (US$364.5 million), of which more than VND6.3 trillion ($298.7 million) came from sales of property transfers, up 29 per cent over the previous quarter and 400 per cent more than the same period of last year. Times City and Royal City apartments sold briskly, with around 600 selling out in just two days. Earnings from leasing shopping centres and offices climbed 33 per cent compared with the same period of last year, reaching VND532 billion ($25.2 million).

Revenue from hospital services witnessed impressive growth of 206 per cent, reaching VND185 billion ($8.8 million), while hospitality, tourism and entertainment sales totaled VND569 billion ($27 million), up 35 per cent.

Pre-tax profits increased 7 per cent over the previous quarter, topping VND1.663 trillion ($78.8 million), and net profit rose 8 per cent to VND1.148 trillion ($54.4 million).

The group's total assets reached VND83.808 trillion (nearly $4 billion) at the end of June, a rise of VND8.035 trillion ($380.8 million) compared with the end of 2013. Equity also grew VND3.057 trillion ($145 million) to VND17.529 trillion ($830.8 million). The company announced plans on Thursday to pay stakeholders dividends by shares at the rate of 1,000:487 from its cumulative profit last year. An additional 452.7 million shares, equivalent to VND4.527 trillion ($214.5 million), will be issued to fund this payout.

The payment will be made in the next two months and shareholders must register to participate by August 28. After the issuance, the outstanding shares of VinGroup on the market will reach 1.38 billion, surpassing the landmark 1 billion level.

Last month, the company warmed the market up with the information that it would spend almost VND2 trillion ($94.8 million) to pay cash dividends by the end of this month. Despite the latest positive news, VinGroup's shares lost 1.3 per cent in value to end yesterday's session at VND77,500 ($3.67) per share. — VNS

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