AsemconnectVietnam - In August, Thien Long's after-tax profit was VND25 billion, down 10% compared to the same period last year; but the accumulated profit for 8 months was still VND382 billion, up 25%.

Thien Long Group Corporation (code TLG) has just announced its business results for August 2024 with revenue reaching VND275 billion, down 6% compared to the same period last year. Gross profit margin in August reached 44.3%, down slightly compared to 44.6% in August 2023.
In addition, sales and administrative expenses (SG&A) in August were tightly controlled, down 7% compared to August last year with VND 91 billion. As a result, TLG's after-tax profit was VND25 billion in August, down 10% year-on-year.
In the first 8 months of 2024, the Group's revenue reached VND2,558 billion, up slightly by 2% compared to the first 8 months of 2023 and completing 67% of the yearly plan. Of which, domestic revenue decreased by 4% to VND1,841 billion due to the impact of the slow recovery of the domestic market. However, export revenue continued to be a bright spot, up 19% year-on-year, reaching VND717 billion.
TLG's 8-month gross profit margin reached 45.7%, up 200 basis points year-on-year. SG&A expenses decreased by 3% to VND706 billion; the ratio of SG&A to accumulated revenue in the first 8 months was also reduced to 27.6%, compared to 29.1% in the same period last year. As a result, the Group's after-tax profit increased by 25%, to VND382 billion, exceeding the annual target by 1%.
In another development, on October 1, TLG's Board of Directors approved the decision to invest in the Republic of Indonesia in the form of capital contribution, share purchase, and capital contribution purchase of foreign economic organizations to participate in the management of that economic organization.
TLG said that the project name is to contribute capital to establish a legal entity to import and trade stationery in Indonesia. The total investment capital of the project abroad is USD1.9 million. TLG's foreign investment capital is USD760,000, equivalent to nearly VND18.8 billion, all from equity capital.
N.Nga
Source: VITIC/Tinnhanhchungkhoan