Vicostone Joint Stock Company (stock code: VCS) earned revenue of more than VND1 trillion (US$42.6 million) in the first quarter of this year, down 37 per cent year-on-year.

The company, a member unit of Phenikaa Group, posted an after-tax profit of VND190 billion in Q1, 51 per cent lower than the same period last year.

The figures were announced during the 2023 Annual General Meeting (AGM) of Shareholders held in Ha Noi on Wednesday.

Several complex and unstable movements of the world economy; high inflation; slow recovery and decline in consumer demand; increasing global financial risks; tightening monetary policy; ongoing war between Russia and Ukraine posed a strong influence on Vicostone's production and business activities in the three months, according to the company.

During the AGM, shareholders approved two scenarios for the 2023 business plan.

Under the first, net revenue is expected to reach over VND5,89 trillion while pre-tax profit will likely hit over VND1.32 trillion.

Following the second scenario, in case the economic, political and social contexts develop in an unfavourable direction beyond the company’s expectation, net revenue is predicted at above VND4,71 trillion and total profit before tax at over VND1 trillion.

They also approved the cancellation of its own stock purchase plan to ensure capital for production and business activities in response to complicated market movements, and at the same time elect Pham Tri Dung - General Director of Vicostone as a member of the company's Board of Directors.

Vicostone said it continues to push R&D activities to sharpen its unique edge in the field of green and sustainable materials, securing its competitive position in the key markets and the development of potential markets.

The company also seeks to stabilise jobs and incomes for employees, improve corporate governance capacity on the basis of international management practices and focus on training high-quality human resources to ensure sustainable development. — VNS