AsemconnectVietnam - City Auto Joint Stock Company (code CTF – HoSE) announced the estimate of business results in the second quarter of 2023 and updated the outlook for the end of the year.

Specifically, City Auto has just announced its estimated business results in the second quarter of 2023. In which, the Company estimated revenue of about VND1,400 billion over the same period of VND1,591.5 billion.
Previously, in the first quarter of 2023, City Auto recorded revenue of VND1,626.9 billion, up 67.3% over the same period and profit after tax recorded VND11.2 billion, equaling 76.5% compared to the same period last year.
Explaining the unfavorable business results in the first 6 months of the year, City Auto said that many areas of the economy faced difficulties, affecting people's income and negatively affecting consumption habits. However, in the first 6 months of the year, Ford's car line continued to be the best-selling brand compared to other automakers in the market.
Entering the last 6 months of the year, the market is expected to recover with many positive signals from the State Bank's interest rate lowering, credit room expansion, etc. At the same time, the Government is making a decision to reduce registration fees to 5% effective until December 31, 2023, credit solutions from the Bank to reduce interest and fees, etc. will stimulate cash flow into the auto market, thereby boosting sales increased again.
For City Auto, in addition to the general solutions being implemented, at the end of the year, the Company expects to grow when it will complete the opening of more Ford Di An, Ford Tien Giang, Ford Tan Thuan Dealers, and the expansion of Dealers helping the Company to grow revenue from 30% to 40%, offset the decrease in sales in the first half of the year.
In addition, City Auto is currently actively negotiating with strategic partners to bring the electric vehicle distribution plan into the Vietnamese market earlier than expected. In particular, the initial negotiation process is achieving extremely positive results.
It is known that at the 2023 Annual General Meeting of Shareholders (May 31, 2023), Mr. Tran Ngoc Dan, Chairman of the Board of Directors shared: "The biggest opportunity today is electric vehicles, the Company has organized a delegation refer to fairs and exhibitions, to prepare a plan to participate in electric vehicles. The company is learning about electric vehicles, first of all the products that the company is trading; learn new brands, the Chinese brand of electric vehicles, soon start installing power stations in its system from 2024, then expand.”
N.Nga
Source: VITIC/Tinnhanhchungkhoan