Vicostone Joint Stock Company (HNX: VCS), a member of Phenikaa Group, has announced net revenue of over VND1.6 trillion (US$69 million) in the first quarter of this year, up 3.67 per cent year-on-year.

The company's pre-tax profit also saw a modest increase of 1.27 per cent to VND441.3 billion ($19 million).

The business results in Q1 do not truly reflect the growth of the company's export markets, Vicostone said.

Due to the congestion in sea transportation, the majority volume of Viet Nam's exported goods at the end of the fourth quarter of 2021 had not yet reached ports in North America and Canada.

Even when the goods arrived at the port, they had to wait in line for a long time to be unloaded. The company explained that this situation affected the export growth of enterprises in Q1/2022.

However, the business results that the company saw in the first three months remained positive in the context of the geopolitical crisis between Russia and Ukraine, the highest inflation in the US in 40 years, and many other negative factors, it said.

As an international enterprise shipping its products to over 50 countries, Vicostone has always proactively grasped the situation of the global economy to draw appropriate solutions to ensure production and business.

Meanwhile, it is closely monitoring the global economic fluctuations, especially in key markets such as North America, to have timely solutions to promote revenue growth and reduce costs to lower prices.

Vicostone has targeted a net revenue of over VND8.36 trillion and a pre-tax profit of above VND2.41 trillion by the year-end.

With the support of Phenikaa Ecosystem, Vicostone said it hoped to complete the 2022 plan set by the Board of Directors. — VNS