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Phuoc Hoa Rubber (PHR): Profit in the first quarter of 2024 plummeted 

 Sunday, June 23,2024

AsemconnectVietnam - Phuoc Hoa Rubber Joint Stock Company (stock code PHR) has just announced the Board of Directors Resolution on May 30 announcing first quarter business activities and orienting a number of main business targets in the second quarter of 2024.

First quarter profits dropped sharply
In the first quarter of 2024, Phuoc Hoa Rubber exploited more than 1,750 tons of rubber, reaching 14.12% of the whole year plan and increasing nearly 80% over the same period last year. Purchased rubber output reached 1,207 tons, reaching 12% of the year's plan, up 28.4% over the same period last year. Processing output reached 3,728 tons, reaching 16.64% of the year's plan, up 96.4% over the same period last year. Rubber consumption output reached 6,834.9 tons, up 16.2% over the same period last year.
In the first quarter of 2024, PHR's average rubber selling price reached VND38.57 million/ton, up nearly 13% over the same period last year. However, the parent company's total revenue only reached VND270 billion, down 35% over the same period. Total profit before tax reached VND12.27 billion, a sharp decrease of 94% over the same period. Undistributed profit after tax reached VND9.81 billion, down 94% over the same period.
In 2024, PHR plans for the parent company's total revenue to be VND1,455.05 billion, total pre-tax profit to reach more than VND277 billion and undistributed after-tax profit for the whole year to reach more than VND245 billion.
With the results achieved in the first three months of the year, PHR has only achieved 18.55% of the year's revenue plan and 4% of the year's profit plan.
Second quarter profits are expected to continue to decline
Entering the second quarter of 2024, PHR sets a target of exploited rubber output reaching 1,660 tons of dry latex (ratio 13.4% of the year plan), purchased rubber output reaching 1,600 tons of dry latex (ratio 16% of the year's plan), processed rubber output is 3,260 tons of dry latex (14.55% of the year's plan).
Regarding selling price, the Company targets an average selling price of VND40 million/ton, higher than the average price of the first quarter of 2024.
However, the Company plans for a decrease in revenue and profit for the second quarter compared to the first quarter's performance. Specifically, the parent company's total revenue in the second quarter of 2024 reached VND220.6 billion, a decrease of 18.2% compared to the implementation of the first quarter of 2024 and reached 15.15% compared to the yearly plan. Of which, rubber business revenue alone reached VND216.57 billion.
The target profit after tax is VND6.1 billion in the second quarter of 2024, 33% compared to the performance of the first quarter and down 95% compared to the same period last year (in the same period, the parent company PHR's profit after tax reached more than VND121.6 billion).
Regarding the operations of its subsidiaries, PHR said that Truong Phat Rubber Joint Stock Company will continue to overcome limitations and shortcomings under the direction of the parent company's leaders and carry out restructuring company under the direction of Vietnam Rubber Industry Group. With Tan Binh Industrial Park Joint Stock Company, we will continue to overcome limitations and shortcomings according to the inspection conclusions of the Inspector of the Department of Construction of Binh Duong province. Phuoc Hoa Rubber and Forestry Company Limited - Dak Lak continues to complete legal procedures to soon be granted a land use right certificate for the project.
For Phuoc Hoa - Kampong Thom Rubber Development Co., Ltd., it will continue to well manage the exploitation technical process, take full advantage of the output and put it into processing to ensure the quality of finished products according to standards, striving to perfect the quality of finished products exceeding the assigned output plan for 2024.
PHR's 2024 Annual General Meeting of Shareholders will be held on June 28, 2024 at the Sports and Cultural Center of Phuoc Hoa Rubber Joint Stock Company in Phuoc Hoa commune, Phu Giao district, Binh Duong province.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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