Vinamilk’s profit down by 9% in first quarterSunday, May 6,2018
AsemconnectVietnam - Dairy giant Vinamilk reported a fall of 9% in its consolidated net profit in the first quarter of this year, reaching over VND2.68 trillion (US$118 million).
Its total net sales increased slightly to VND12.1 trillion during the period, but the cost of goods sold rose by 6.4% to over VND6.6 trillion, which drove the company’s profit down.
The parent company also saw its revenue and profit go down compared to the same period last year, totalling VND10.7 trillion and VND2.6 trillion, respectively, in the last three months.
By the end of March, Vinamilk achieved 22% of its revenue target of VND55.5 trillion and 25% of its net profit goal of VND10.75 trillion set for this year.
The company’s shares have slipped by 13% from its all-time high of VND214,000 per share on March 16 this year, closing May 2 at VND184,500 per share on HCM Stock Exchange. It also lost its top position in the stock market as the largest company by market value to private conglomerate Vingroup.
Vinamilk’s market cap was VND267.8 trillion (US$11.75 billion) on March 2, while Vingroup’s market value reached VND329.7 trillion.
Co.opmart Dinh Tien Hoang to close its doors
Local company to ship last batch of Fired Heaters to Uzbekistan
Singaporean enterprises seek opportunities in Vietnam
TH Group imports 1,800 more dairy cows from US
Viettel launches Viettel Business Solutions Corporation
Firms aim to boost official farm exports to China
City honours outstanding firms, entrepreneurs
Vietnam Airlines launches in-town check-in service
Japanese firms wish to cooperate with Vietnamese partners
Giant livestock processing factory opens in Dong Nai
Ovaltine launches chocolate buckwheat beverage with DHA
Hapro strikes rice export deals at world rice conference
Metalex Vietnam 2018 attracts 14 Japanese businesses
Russia’s Ural Airlines proposes route to Phu Yen