TCM estimates USD3.2 million profit in Q3/2024
Friday, October 4,2024
AsemconnectVietnam - In the first 9 months of 2024, TCM's revenue reached more than USD117.68 million, with an estimated profit after tax of approximately USD9 million.
In an interview with Dau Tu Chung Khoan Newspaper, Mr. Tran Nhu Tung, Chairman of the Board of Directors of Thanh Cong Investment and Trade Joint Stock Company (TCM), said that in the third quarter of 2024, the Company is expected to achieve revenue of more than USD43.28 million (equivalent to about VND1,064 billion) and an estimated profit after tax of more than USD3.2 million (equivalent to nearly VND80 billion). The corresponding growth rates for revenue and profit are 20% and 49% compared to the third quarter of 2023.
In the first 9 months of 2024, TCM's revenue reached more than USD117.68 million, with an estimated profit after tax of approximately USD9 million. Regarding the order situation, Thanh Cong Textile has received about 92% of the revenue plan for orders in the fourth quarter of 2024 and about 90% of the revenue plan for orders in 2024.
With the revenue target set for 2024 of VND3,707 billion (USD157.7 million) and after-tax profit of more than VND161 billion (USD 6.68 million), according to the forecast of Vietnam's textile and garment export situation being more positive in the last months of 2024 due to the festive season and the end of the year, TCM is expected to complete the revenue plan set for 2024.
Regarding the USD/VND exchange rate, Mr. Tung said that TCM will consider the USD and VND interest rates and exchange rate fluctuations to choose which currency to borrow in. For example, in previous years, when the USD/VND exchange rate was stable, the Company chose to borrow USD to import raw materials (buy cotton), but in the past year, the USD interest rate increased, the VND interest rate decreased, the Company chose to borrow in VND. In general, exchange rate fluctuations are beneficial or harmful depending on what the business borrows, but TCM is flexible, so the exchange rate is not a big problem for the Company.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
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