Economy
Monetary policy forecast unlikely to loosen further
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| Vinamilk products being processed. The country’s largest dairy company has reported an increase in revenue in the third quarter, but its profits have fallen due to rising costs. — Photo baodautu.vn |
Viet Nam News
HÀ NỘI — The Vietnam Dairy Products Joint Stock Company (Vinamilk) has reported its Q3 combined revenue rose 3.3 per cent year-on-year to VNĐ13.73 trillion (US$610.2 million).
However, pre-tax profit was down 5.9 per cent to more than VNĐ3 trillion as costs increased by 14 per cent year-on-year to VNĐ3.4 trillion.
In the first nine months, Vinamilk recorded more than VNĐ39.5 trillion in revenue, up 2 per cent compared to the same period last year.
The main revenue source for the company was the domestic market, where sales reached VNĐ33.9 trillion. Sale revenue from overseas markets was VNĐ5.7 trillion, about the same as last year’s figure.
However, revenue growth could not offset rising production costs, so combined profit fell slightly to VNĐ18.4 trillion in the first nine months of 2018 from last year’s VNĐ18.6 trillion.
Costs in the first three quarters rose 6.8 per to VNĐ8.9 trillion, resulting in nine-month pre-tax profit of VNĐ9.37 trillion, down by VNĐ800 billion from last year.
Poor quarterly earnings have pulled the share price of Vinamilk, listed on the Hồ Chí Minh Stock Exchange as VNM, down since early this month.
Shares have lost 15.2 per cent in value since October 4 to end Wednesday at VNĐ116,100 ($5.16). — VNS
