Vincom Retail posts positive results in Q2
After reducing expenses, Vincom Retail’s net profit was VNĐ1 trillion, an increase of 29 per cent on-year.
Vincom Retail JSC has recently reported a net revenue of over VNĐ2.17 trillion (US$91.7 million) in the second quarter this year, a 17.3 per cent increase over the same period last year.
Revenue from commercial business was more than VNĐ1.9 trillion, up 7 per cent year-on-year. The company's cost of goods sold climbed by 24.7 per cent to more than VNĐ983.4 billion.
As a result, its gross profit increased by 12 per cent to nearly VNĐ1.2 trillion.
During the period, financial income was 2.7 times higher than the same period last year, totalling over VNĐ278 billion. The sources of the income were from deposits interest, and loans.
Meanwhile, expenses also fell by 9 per cent to VNĐ80 billion, which mostly was interest expense. Other expenses, including sales and general and administrative expenses, were also reduced over last year.
After subtracting expenses, Vincom Retail’s net profit was VNĐ1 trillion, an increase of 29 per cent on-year.
The outcome was thanks to a cost-effective business model with a flexible and effective operating system.
For the first six months of the year, the property developer’s consolidated net revenue reached over VNĐ4.1 trillion with an after-tax profit of more than VNĐ2 trillion, up 28 per cent and 76 per cent year-on-year, respectively.
This year, the company set targets of VNĐ10.35 trillion in revenue and VNĐ4.68 trillion in after-tax profit. With the results in the first half, it has completed 40 per cent of the yearly plan in revenue and 43 per cent in profit.
Vincom Retail continues to increase the operational efficiency of its existing properties, including 83 shopping complexes in central locations of 44 provinces and cities in Việt Nam amid the lack of new quality supply of the retail real estate market. — VNS
