Almost all Ha Noi exchange firms see profit in first quarter

Asia Commercial Bank (ACB) topped the gainers with a net profit of more than VND280 billion (nearly $13 million) in the first three months, a hike of 12 per cent over the first quarter of last year. — Photo fica

HA NOI (Biz Hub) — Twenty seven of the top 30 stocks in terms of market value and liquidity on the Ha Noi Stock Exchange reported profits in the first quarter of this year, data on the bourse shows.

Total net sales of these 30 shares reached VND10.067 trillion (US$464 million) ending March, down 1.63 per cent over the same period last year. After-tax profits also decreased 2 per cent, totalling VND1.519 trillion ($70 million).

Asia Commercial Bank (ACB) topped the gainers with a net profit of more than VND280 billion (nearly $13 million) in the first three months, a hike of 12 per cent over the first quarter of last year.

PetroVietnam Technical Services Corp (PVS) retreated to the second position, earning almost VND276 billion ($12.7 million), up 16.2 per cent over the same period of 2014.

In total, 16 companies saw positive earnings growth, of which Viet Nam Construction and Import Export Corp (VCG) and PetroVietnam Northern Gas Co (PVG) were the most impressive. Both firms leapt spectacularly from losses in the first quarter of 2014 to profits in the same period this year.

VCG's revenue declined 6.6 per cent year-on-year, reaching VND1.483 trillion ($68.3 million), but it still saw a profit of VND100.4 billion ($4.6 million) by the end of March while recording a loss of nearly VND10.2 billion ($470,000) in the same period last year.

Meanwhile, PVG climbed from a loss of VND21.5 billion ($991,000) in the first quarter of 2014 to a profit of almost VND4 billion ($184,300) in the three months ending March.

In the other end of spectrum, 14 businesses had negative earnings growth in the first quarter. Three firms, including Song Hong Construction (ICG), Kim Long Securities Corp (KLS) and An Phat Plastics and Green Environment Co (AAA), moved from profitable positions to losses.

KLS was the biggest surprise. It reported a loss of more than VND39 billion ($1.8 million) in the first quarter of this year, but posted a profit of VND91.6 billion ($4.2 million) in the first three months last year.

The company attributed this loss to an increase of VND50.8 billion ($2.3 million) in provisional funds to hedge possible share downturns. Meanwhile, it had a return of VND21.8 billion ($1 million) from this fund during the same period of last year.

AAA also reported a loss of VND6.4 billion ($295,000) in the first three months while it earned a profit of VND14.8 billion ($682,000) in 2014's first quarter.

AAA explained rising competition from China, accompanied by economic slumps of the eurozone, the main exporting market of the company, had adverse impacts on its performance.

ICG also reported a loss of over VND1.1 billion ($51,000) in the first quarter, a slide from a profit of VND3.3 billion ($152,000) in the same period of last year . — VNS