AsemconnectVietnam - Hoa Sen Group Joint Stock Company (code HSG - HOSE) has just announced the consolidated financial report for the first quarter of the fiscal year (FY) 2023-2024 (from October 1, 2023 to December 31, 2024).

Accordingly, in the first quarter of the fiscal year 2023-2024, HSG recorded revenue of VND9,703 billion, an increase of 15% over the same period. In particular, HSG's gross profit margin has recovered strongly from 2% in the first quarter of the fiscal year 2022-2023 to 11% in the first quarter of the fiscal year 2023-2024, helping the gross profit reach VND960 billion in the first quarter. Fiscal year 2023-2024, increased 5 times over the same period.
HSG's financial expenses, including interest expenses and exchange rate differences, have decreased by 56%, from VND114 billion in the first quarter of the fiscal year 2022-2023 to VND50 billion in the first quarter of the fiscal year 2023-2024.
Specifically, interest expenses decreased by 47%, from VND48 billion to VND25 billion due to HSG's efforts to negotiate the best loan interest rates. Exchange rate difference costs decreased by 63%, from VND65 billion in the first quarter of the fiscal year 2022-2023 to VND24 billion in the first quarter of the fiscal year 2023-2024. Exchange rate difference costs are recorded as losses due to exchange rate differences from import and export activities and settlement of outstanding loans in USD.
In the first quarter of the fiscal year 2023-2024, HSG maintained that it did not accept loans in USD, so even though the USD/VND exchange rate was complicated, it did not seriously affect the cost of exchange rate differences. Therefore, the main cause affecting the cost of exchange rate differences is from import of raw materials and export.
In contrast, financial revenue is the revenue recorded due to exchange rate differences from import and export activities, deposit interest, and profit from other financial activities of HSG increased by 37% over the same period from VND32 billion increased to VND44 billion, mainly from exchange rate difference profits from HSG's export activities. Export revenue in the first quarter of the fiscal year 2023-2024 accounted for 43% of total revenue and increased 10% over the same period.
Thanks to the combination of the above factors, HSG's profit after tax also improved positively from negative VND680 billion in the first quarter of the fiscal year 2022-2023 to VND103 billion in the first quarter of the fiscal year 2023-2024.
HSG said that in the coming time, it will continue to focus on enhancing the operational efficiency of the production system, distribution system, and warehouses nationwide; maintain and expand export channels and product portfolio; Focus on strengthening internal strength and accumulating resources to take full advantage of market opportunities.
N.Nga
Source: VITIC/Tinnhanhchungkhoan