Sunday, 26 May 2019

Vingroup's Q2 pre-tax profit soars 90% to US$154 million

Updated at Wednesday, 01 Aug 2018, 16:02
The Hanoitimes - In the first six months this year, Vingroup`s pre-tax profit nearly doubled from VND3.14 trillion (US$134.3 million) to VND6.23 trillion (US$266.5 million).
Vingroup - Vietnam's largest privately-run conglomerate - said it earned a pre-tax profit of 2018 at VND3.6 trillion (US$154.1 million) in the second quarter, up nearly 90% year-on-year, according to the group's quarterly consolidated financial statement. 
Illustrative photo.
Illustrative photo.
The group's net revenue in the April - June period climbed 63.3% year-on-year to VND32.74 trillion (US$1.4 billion).

Meanwhile, Vingroup's revenue from sale of inventory properties stood at VND23.81 trillion (US$1.01 billion) during this period, up VND9.8 trillion (US$419.4 million) or 69.9% year-on-year, mainly from large scale projects such as Vinhomes Golden River, Vinhomes Central Park, Vinhomes The Harmony and Vinhomes Green Bay. 

Revenue from sale of goods in supermarkets and retail outlets reached VND4.31 trillion (US$184.4 million) in the second quarter, up 45% year-on-year, while the figure from rendering hotel, amusement, park and related services was VND2.01 trillion (US$86 million), up 65.8% year-on-year. 

Additionally, revenue from rendering hospital and related services to education and related services saw positive growth rate in range of 28% - 52.9%. 

In the six months through June, Vingroup posted net revenue of VND61.20 trillion (US$2.61 billion), up VND26 trillion (US$1.11 billion) or 73.88% year-on-year. 

During the period, the group's pre-tax profit doubled from VND3.14 trillion (US$134.3 million) to VND6.23 trillion (US$266.5 million). 

As of June 30, Vingroup's total assets value reached VND242.1 trillion (US$10.35 billion), while the owner' equity was reported at VND86.83 trillion (US$3.71 billion), up 13.3% and 65.2% compared to the end of 2017, respectively. 

In June, VinFast, a subsidiary of Vingroup, signed a strategic partnership agreement with General Motors (GM). As part of the alliance, VinFast will become the exclusive distributor for the Chevrolet brand in Vietnam and assumes ownership of the GM Hanoi factory. 

The group later signed another agreement with Spain-based technology company BQ through another subsidiary VinSmart, which will acquire intellectural property rights from BQ to develop two models of smartphone for the high-end and mid-range segments under the Vsmart brand. 
Nguyen Tung
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