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Vincom Retail reports higher Q3 profit

Update: October, 30/2019 - 07:08

 

 

The front view of Vinhomes JSC's Skylake project in Nam Từ Liêm District, Hà Nội. The company reported an annual increase of 58 per cent in its revenue in the third quarter. - Photo vietnamnet.vn

HÀ NỘI – Property developer Vincom Retail JSC (HoSE: VRE) has reported its post-tax profit in the third quarter rose 29 per cent year-on-year to VNĐ717 billion.

However, the company recorded its revenue fell a quarter to VNĐ2.2 trillion in the third quarter from last year’s figure.

Q3 revenue fell because the company did not record the sale of any large-scale projects in the past quarter, it said in the statement on Monday.

Sales of property units dropped about 77 per cent year on year to only VNĐ339 billion in the last quarter.

Meanwhile, the lease of property units and services increased by 29.3 per cent compared to 2018 to VNĐ1.8 trillion, offsetting the drop in sales.

After nine months, Vincom Retail earned VNĐ6.5 trillion in combined revenue, up 6 per cent year-on-year.

Post-tax profit rose 15 per cent yearly to VNĐ1.97 trillion in the nine-month period.

The company shares, listed on the Hồ Chí Minh Stock Exchange, edged up 0.5 per cent to close Tuesday at VNĐ32,600 per share.

Its shares have lost about 12.6 per cent since its one-year high of around VNĐ37,300 per share.

As of September 30, Vincom Retail owned VNĐ37.6 trillion worth of total asset and VNĐ28 trillion worth of equity capital.

Meanwhile, Vinhomes JSC (HoSE: VHM) – another property development unit of Vingroup JSC, announced its Q3 revenue jumped nearly 58 per cent yearly to VNĐ10.9 trillion.

Gross profit soared nearly 154 per cent yearly to VNĐ6.76 trillion in the past quarter. Pre-tax profit increased by 1.5 times to VNĐ7.62 trillion.

According to the company, sales of property projects and services at Vinhomes Skylake, Vinhomes Ocean Park, Vinhomes Smart City and Vinhomes Star City contributed to the soaring earnings.

In the January-September period, Vinhomes recorded total revenue surged 68 per cent year-on-year to VNĐ37.6 trillion.

Financial revenue, which mainly comes from profit distributed from co-developed projects, fell to VNĐ7.7 trillion from VNĐ11 trillion recorded in last year’s nine months.

Pre-tax profit in the period rose 41 per cent year on year to VNĐ21 trillion.

At the end of September 2019, the company recorded VNĐ161.6 trillion and VNĐ63.5 trillion worth of total asset and equity capital.

Vinhomes shares went up 1.9 per cent to end Tuesday at VNĐ87,600 per share.

Its shares have gained total 14.3 per cent since June end.

The parent group of both companies – Vingroup JSC (HoSE: VIC) – has not yet released its Q3 earnings report. – VNS

 

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