Shrimp processing at MInh Phú Seafood Corporation. Photo tienphong.vn

The Minh Phú Seafood Joint Stock Company (MPC) earned VNĐ2.75 trillion (US$112.2 million) in net revenues in the first quarter of this year.

Net revenue has increased 29 per cent compared to the same period last year, according to the company's recent consolidated financial report published on Monday.

Cost of goods sold also rose by 25 per cent, reaching VNĐ2.5 trillion.

The company's gross profit in the quarter was VNĐ246.4 billion, double that of the same period last year.

Financial revenue and financial costs decreased by 56 per cent and 10 per cent year-on-year, respectively, reaching VNĐ16.3 billion and VNĐ48.3 billion.

The business's selling expenses increased by 25 per cent, reaching VNĐ168.1 billion.

During the quarter, the business also had an additional profit of VNĐ37.6 billion from its joint venture companies. MPC's other income increased from VNĐ480 million to VNĐ3.4 billion.

Deducting expenses, MPC's consolidated net profit reached VNĐ7.2 billion.

The outstanding growth in profit was due, said MPC, to the company's commercial shrimp farming arm, which has begun to be effective.

However, the business has only completed 0.7 per cent of the year's plan compared to the net profit results that MPC set out for this year. — VNS