Vicasa Steel (VCA) continues to report losses in the third quarter of 2023Sunday, October 22,2023
AsemconnectVietnam - Vicasa Steel Joint Stock Company - VNSteel (stock code VCA - HOSE) has just announced its financial statements for the third quarter and accumulated for the first 9 months of 2023 with losses narrowed significantly compared to the same period last year.
In the third quarter, the business recorded net revenue of VND390 billion, down 18% compared to the same period last year. Because the cost price decreased more strongly by 21%, to VND383 billion, VCA gross profit margin from negative nearly VND10 billion turned positive to more than VND7 billion.
This period, Vicasa simultaneously cut costs, specifically: financial costs decreased by 6% to more than VND3.2 billion; Sales costs decreased by 9% to nearly VND4.1 billion due to reduced transportation costs and reduced brand advertising costs; Business management costs were also sharply reduced by 42% to more than VND3 billion.
As a result, Vicasa's after-tax loss of nearly VND22 billion in the same period last year was narrowed to only a loss of VND2.7 billion in the third quarter.
Accumulated in the first 9 months of 2023, Vicasa's net revenue reached VND1,254.3 billion, down 32% over the same period last year and had a profit of VND3.5 billion, while the same period lost more than VND12.55 billion.
At the end of the third quarter of 2023, total corporate assets reached more than VND386 billion, an increase of 4% compared to the beginning of the year. Of which, the business has more than VND20 billion in cash. VCA's receivables decreased by more than 24%, to VND73.79 billion; Inventory increased by more than 24%, to VND244 billion, the Company also had to reserve more than VND2.2 billion for inventory depreciation.
Meanwhile, corporate liabilities also increased by 6%, to VND197.8 billion, all of which are short-term debt. Vicasa's short-term financial lease debt alone is more than VND137.7 billion.
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