AsemconnectVietnam - Vicostone JSC (stock code VCS - HNX) has just announced its consolidated financial statements for the second quarter and the first half of 2023.

In the second quarter, VCS recorded net revenue of VND1,137.8 billion, down 34% compared to the same period last year. Cost of goods also decreased by 31%, down to VND821.1 billion, so the gross profit of the enterprise reached VND316.67 billion, down 40%.
This period, financial revenue of VCS decreased by 8% to VND28.46 billion. In addition, expenses also decreased simultaneously, specifically: financial expenses decreased by 43% to VND21.32 billion; selling expenses decreased by 38% to VND38.82 billion and general and administrative expenses decreased by 2% to VND18.42 billion.
As a result, Vicostone's profit after tax was VND224.4 billion in the second quarter of 2023, down 39% compared to the same period last year. Vicostone said that in the challenging first months of 2023, the Company's production and business activities faced many difficulties due to the influence of global macro factors. Inflation is still high, interest rates increase, making sales revenue of the Company decrease, making profits go down.
Accumulated in the first half of 2023, VCS recorded net revenue of VND 2,171.6 billion, down 35% and profit after tax of VND 414.6 billion, down 44% compared to the same period in 2022.
In 2023, VCS sets a target of net revenue of VND5,891 billion, up 4% and pre-tax profit of VND1,325 billion, down 4% compared to 2022. Thus, with VND488.4 billion of pre-tax profit in 6 months, VCS has only completed 37% of the annual profit plan.
As of June 30, the total assets of the enterprise reached VND1,000.3 billion, down 5% compared to the beginning of the year. In which, cash and cash equivalents reached VND1,236.6 billion, up 12%; inventories increased by 6% to VND2,734.7 billion. In addition, short-term receivables decreased by 16% to VND1,463.6 billion.
On the other side of the balance sheet, VCS's liabilities remained at VND1,761.5 billion, up 2% from the beginning of the year. Particularly, short-term and long-term loans of VCS were VND1,316.6 billion and VND66.5 billion, respectively, down 2% and 29% compared to the beginning of the year.
N.Nga
Source: VITIC/Tinnhanhchungkhoan