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VNG (VNZ) continues to lose another VND116.96 billion in Q3/2023 

 Friday, November 3,2023

AsemconnectVietnam - VNG Joint Stock Company (code VNZ - UPCoM) recorded a loss of VND116.96 billion in the third quarter, cumulatively in the first 9 months of 2023 recorded a loss of VND310.56 billion.

In the third quarter of 2023, VNG recorded revenue of VND2,332.9 billion, an increase of 11.1% over the same period, the after-tax profit of parent company shareholders recorded a loss of VND116.96 billion over the same period loss of VND141.48 billion. Of which, gross profit margin decreased from 44.9% to 41.9%.
During the period, gross profit increased by 3.7% over the same period, equivalent to an increase of VND34.7 billion, to VND977.6 billion; Financial revenue increased by 21.9%, equivalent to an increase of VND5.07 billion, to VND28.2 billion; Financial expenses increased by VND51.83 billion, to VND52.53 billion; Sales and corporate management expenses decreased slightly by 3.8%, equivalent to a decrease of VND41.85 billion, to VND1,053.1 billion and other activities fluctuated insignificantly.
In terms of core business activities (gross profit - financial costs - sales & corporate management costs), in the third quarter, VNG recorded a loss of VND128.03 billion compared to the same period of VND152.75 billion.
Thus, the gross profit in the third quarter that VNG generated was not enough to pay financial, sales and business management costs.
Accumulated in the first 9 months of 2023, VNG recorded revenue of VND6,431.3 billion, an increase of 11.6% over the same period, and the after-tax profit of parent company shareholders recorded a loss of VND310.56 billion compared to the same period lost VND422.88 billion.
Thus, with an additional loss of VND310.56 billion in the first 9 months of 2023, as of September 30, 2023, VNG is recording an accumulated profit of VND4,684.1 billion, lower than the beginning of the year when it recorded accumulated profits VND5,092.95 billion.
It is known that in 2023, VNG sets a business plan with revenue of VND9,281 billion, an increase of 19% compared to 2022 performance and the parent company's after-tax profit is negative VND378 billion (2022 loss is VND1,077.1 billion).
As of September 30, 2023, VNG's total assets increased by 9.6% compared to the beginning of the year, equivalent to an increase of VND856.7 billion, to VND9,756.4 billion. Of which, main assets were cash and short-term financial investments recorded at VND3,774.4 billion, accounting for 38.7% of total assets; Fixed assets recorded VND2,316 billion, accounting for 23.74% of total assets; Long-term financial investment recorded VND1,259.4 billion, accounting for 12.9% of total assets; Short-term receivables recorded VND1,222.3 billion, accounting for 12.5% of total assets.
In addition, in terms of capital, as of the end of the third quarter, total short-term and long-term debt increased by 203.8% compared to the beginning of the year, corresponding to an increase of VND905 billion, to VND1,349 billion and accounting for 12.8% total capital (at the beginning of the year outstanding debt was VND444 billion and accounted for 5% of total capital). Of which, short-term debt is VND729.5 billion and long-term debt is VND619.5 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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