Vinatex continues to facing difficulties in last two quarters this year This was shared by Vinatex chairman Le Tien Truong at the conference summarising the group’s performance in the first six months and discussing plans for the second half of the year. Accordingly, In the second quarter, the group acquired VND3.08 trillion ($133.9 million) in net revenue, down 36 per cent on-year. Gross profit was VND280 billion ($12.17 million), down 36 per cent. Regarding the accumulated business results for the first half, Vinatex reported VND7.04 trillion ($306.1 million) in net revenue, a decrease of 24.5 per cent on-year. After-tax profit was VND276 billion ($12 million), down 20.7 per cent on-year. Especially, in April, the group’s revenue was nearly zero because of the social distancing and isolation policies. The group had VND69 billion ($3 million) in revenue from financial activities, increasing by 25 per cent on-year. Meanwhile, net profit was down 22 per cent to VND120 billion ($5.2 million). The shares of a number of member companies dropped in value, including Viet Tien Garment Corporation and Phu Bai Spinning JSC which shed more than half and a quarter, respectively, compared to their valuation before the COVID-19 pandemic. According to Truong, the first half was not all that… Read full this story
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