AsemconnectVietnam - Vietnam Pharmaceutical Corporation (DVN - UPCoM) has just announced its consolidated financial statements for the second quarter of 2023 with the highest profit recorded since going public (in 2017).

Accordingly, in the second quarter of 2023, the Company recorded revenue of VND1,331.68 billion, a slight decrease of 7% compared to the same period last year. However, financial income suddenly increased to VND131.5 billion, more than 5 times higher than the same period last year; while financial expenses dropped sharply by 53.51% to VND32.97 billion and administrative expenses decreased by 23% to VND33.32 billion.
Therefore, profit before tax in the second quarter of 2023 reached VND175.71 billion, a sharp increase compared to the same period of only VND0.55 billion; profit after tax reached VND168.85 billion, while the same period lost VND4.27 billion. This is also the quarter that recorded the biggest profit since the shares traded on the stock market (since 2017).
Accumulated in the first 6 months, Vietnam Pharmaceuticals recorded a revenue of approximately VND2,566 billion, a slight increase of 2.56% compared to the same period last year; profit after tax reached approximately VND280 billion, more than 7 times higher than the same period last year.
Thus, with the result of 6 months' pre-tax profit of VND296.16 billion, the Company has completed 88.53% of the whole year target (VND334.52 billion).
Explaining the reason for the sudden increase in profit in the second quarter of 2023, Vietnam Pharmaceuticals said that due to the influence of stock price fluctuations of some companies with investment capital of the Corporation on the stock exchange, the provisioning expenses provision for financial investment loss in the second quarter of 2023 was lower than the same period last year.
In addition, financial income in the second quarter of 2023 was higher than the same period last year, because the recognition of revenue from dividends depends on the time of announcement/payment of dividends in the year of each unit with contribution capital of the Corporation.
N.Nga
Source: VITIC/Tinnhanhchungkhoan