Viet Nam National Textile and Garment Group (Vinatex) recorded after-tax profit of VND126.3 billion (US$5.6 million) in the first quarter of this year, down 11.62 per cent year-on-year.

Vinatex said the lower profit was because the group’s northern and southern textile and garment corporations had put some companies into operation since June last year, such as Nam Dinh Textile Company, Phu Cuong Fibre Factory, Can Tho Garment Factory, Bac Lieu Garment Factory and Quang Binh Garment Factory.

Until the end of Q1, these factories were incurring losses, affecting the business results of the whole group.

In 2016, Vinatex achieved over VND600 billion of after-tax profit, growing up 13 per cent compared to the previous year.

This year, the group targeted a rise of 12 per cent in export revenue, 15 per cent in industrial production and six per cent in profits. — VNS