Friday, November 15 2019

VietNamNews

Vinamilk Q3 profit meets 80 per cent of yearly target

Update: November, 01/2019 - 09:48

 

Vinamilk paper bottles. In the third quarter alone, Vinamilk posted a 4 per cent annual increase in its net revenue, which was more than VNĐ14.3 trillion. — Photo baodautu.vn

HÀ NỘI — The Vietnam Dairy Products Joint Stock Company, one of the country's leading dairy producer, has reported its nine-month net profit hit 80 per cent of the year's target.

Nine-month net profit gained almost 6 per cent year on year to VNĐ8.38 trillion (US$363 million).

The slight increase of net profit in the January-September period was attributed to a modest gain in the firm’s total net revenue.

After three quarters, the company – known as Vinamilk – earned more than VNĐ42 trillion in total net revenue, up 7 per cent year on year.

Sales of dairy products accounted for 96 per cent of total revenue, worth VNĐ40.37 trillion.

Financial expenses rose a quarter in nine months to VNĐ116 billion, caused by a 93 per cent growth in borrowing interest and commission paid to sellers worth VNĐ12 billion.

The company targets VNĐ56.3 trillion in total revenue and VNĐ10.5 trillion in net profit for 2019.

In the third quarter alone, Vinamilk posted a 4 per cent annual increase in its net revenue, which was more than VNĐ14.3 trillion.

Its gross profit also rose 4 per cent year on year to VNĐ6.7 trillion. However, financial expenditure was up nearly half to VNĐ45 billion.

In July-September, Vinamilk saw net profit rise 5 per cent year on year to VNĐ2.69 trillion.

As of September 30, cash and cash equivalents were worth VNĐ1.04 trillion.

Short-term financial investments were worth VNĐ10.24 trillion, up 18 per cent from the beginning of the year.

Vinamilk also increased its investment in GTNFoods by nearly three times to VNĐ1.48 trillion, bringing its ownership in the latter at 40.53 per cent.

Total assets increased slightly to more than VNĐ40 trillion from VNĐ37.3 trillion. Short-term loans jumped four times to VNĐ4.2 trillion.

Vinamilk shares are listed on the Hồ Chí Minh Stock Exchange as VNM and fell 1.5 per cent to end Thursday at VNĐ130,000 per share.

The company's shares have gained as much as 15 per cent in the last two months but are far away from the record high of VNĐ168,000 per share hit in early 2018. — VNS

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