A worker is checking the quality of Cotto floor tiles at Viglacera Halong JSC in the northern province of Quang Ninh. — VNA/VNS Photo The Duyet

State-owned glass and construction ceramic producer Viglacera reported profits of VND180 billion (US$7.7 million) in the first quarter of 2019, up 51 per cent compared to the same period last year.

The company, traded on the Ha Noi Stock Exchange under the code VGC, achieved net revenue of VND2.3 trillion during the period, up 24 per cent year-on-year.

Viglacera’s total assets at the end of the first quarter reached VND17.1 trillion, up more than VND600 billion compared to the beginning of the year. Liabilities increased by VND394 billion to some VND10 trillion.

Meanwhile, the company's cost of goods sold (COGS) only climbed by 22 per cent, slower than revenue growth, helping gross profit in the first quarter reach VND489 billion, up 31 per cent.

Financial revenue in the period fell by nearly half to VND12 billion, mainly due to a reduction in interest on deposits and loans. Financial expenses decreased by VND3 billion to VND 53.9 billion.

Total selling expenses and corporate management costs were VND223 billion, up slightly by 7 per cent compared to the same period last year.

Recently, Viglacera postponed listing on the Ho Chi Minh Stock Exchange to complete State capital divestment. Currently, the Ministry of Construction owns nearly 54 per cent of Viglacera. — VNS