Dairy giant Vinamilk reported a fall of 9 per cent in its consolidated net profit in the first quarter of this year, reaching over VND2.68 trillion (US$118 million).

Its total net sales increased slightly to VND12.1 trillion during the period, but the cost of goods sold rose by 6.4 per cent to over VND6.6 trillion, which drove the company’s profit down.

The parent company also saw its revenue and profit go down compared to the same period last year, totalling VND10.7 trillion and VND2.6 trillion, respectively, in the last three months.

By the end of March, Vinamilk achieved 22 per cent of its revenue target of VND55.5 trillion and 25 per cent of its net profit goal of VND10.75 trillion set for this year.

The company’s shares have slipped by 13 per cent from its all-time high of VND214,000 per share on March 16 this year, closing May 2 at VND184,500 per share on HCM Stock Exchange. It also lost its top position in the stock market as the largest company by market value to private conglomerate Vingroup.

Vinamilk’s market cap was VND267.8 trillion ($11.75 billion) on March 2, while Vingroup’s market value reached VND329.7 trillion. — VNS