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FLC earned VND11.6 trillion revenue in 2017 

 Wednesday, January 31,2018

AsemconnectVietnam - FLC Group (FLC - HOSE) has announced the consolidated financial report for the fourth quarter and the whole year 2017. With a series of products for sales, revenue of FLC increased sharply, reaching more than VND11.6 trillion, up 87 percent compared to 2016.

Specifically, in this quarter, FCL achieved a total revenue of VND8,666 billion, up 234.6 percent over the same period of  2016. Cost of sold goods was VND8.334 billion, so the gross profit of sales and services was VND614 billion.
The financial income dropped by 32 percent to VND355 billion and interest expense was VND175 billion.
Interest in joint ventures, associates was nearly VND20 billion, while the same period FLC lost VND8.8 billion. Selling and administrative expenses totaled over VND411 billion, slightly down from Q4/2016.
As a result, net operating profit was at VND402 billion. However, other expenses surged to over VND53 billion, FLC's Q4/2017 net profit was just VND248.2 billion, down 43.8 percent from the fourth quarter of 2016.
However, according to the separate financial statement, parent company's profit after tax was over VND471 billion, up 71.6 percent over the same period of 2016.
In 2017, FLC achieved VND11,600.8 billion in revenue, up more than 87 percent year-on-year. However, FLC’s after tax profit decreased by more than 61 percent to VND390 billion. According to the separate financial statement, net profit of FLC parent company is quite high, over VND791 billion.
Thus, with this result, FLC Group has fulfilled 89 percent of its revenue target (VND13 trillion) and nearly 40 percent of its net profit target (VND 984 billion) in 2017.
As of December 31, 2017, the total assets of FLC increased sharply more than VND4,670 billion from the beginning of the period to VND22,568 billion. Of which, long-term assets were VND9.868 billion dong. The short-term assets were VND12,700 billion with receivables of VND10,495 billion.
Source: Securities Investment Review

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