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FECON reports second-quarter revenue up but profit down

Update: August, 07/2020 - 08:19

 

A site run by construction firm FECON Corporation. FECON recorded after-tax profit of VNĐ15.6 billion in Q2, down nearly 81 per cent. — Photo baodautu.vn

HÀ NỘI — Construction firm FECON Corporation (FCN) announced second-quarter revenue of nearly VNĐ762 billion, up 26.5 per cent year-on-year.

Gross profit margin increased from 10.2 per cent to 14 per cent thanks to lower cost of goods sold.

Financial income dropped by over 99 per cent to VNĐ1.8 billion. Financial expenses decreased from VNĐ119.6 billion to VNĐ29.6 billion. In contrast, corporate management expenses and selling expenses rose by 1.4 per cent and 27.5 per cent over the same period last year, respectively.

After deducting all expenses, FECON recorded after-tax profit of VNĐ15.6 billion in Q2, down nearly 81 per cent.

According to its explanation, in the quarter, the company did not record any extraordinary profits from the partial divestment from Vĩnh Hảo 6 Solar Power Project and from the transfer of a 36-per-cent stake in FECON Underground Construction Joint Stock Company (FCU) to Japanese partner Raito Kogyo, as in the same period last year.

In the first six months, revenue and net profit of FECON reached VNĐ1.2 trillion and VNĐ28 billion, respectively, up by 9 per cent and down by 74.3 per cent year-on-year. With these results, the company has completed 29.8 per cent of the revenue plan and 14.4 per cent of the profit plan for this year.

As of June 30, the total assets of the company reached VNĐ5.9 trillion, up 4.7 per cent compared to the beginning of the year. In particular, short-term receivables accounted for VNĐ3.6 trillion, up slightly from the beginning of this year. Inventories increased by 23 per cent to VNĐ831 billion. Cash and cash equivalents rose from VNĐ236.5 billion to VNĐ243.8 billion. — VNS

 

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