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ECONOMY

Vinamilk sees net profit down 7% in 9 months

Updated at Wednesday, 31 Oct 2018, 10:15
The Hanoitimes - During the January – September period, the dairy firm’s net revenue from sales of goods and provision of services reached VND39.55 trillion (US$1.69 billion), up 2% year-on-year.
Vinamilk, Vietnam’s largest dairy producer, posted a net profit of VND7.92 trillion (US$339.30 million) in the first nine months of 2018, down 7% year-on-year, according to the company’s quarterly consolidated financial statement.
 
Illustrative photo.
Illustrative photo.
During the January – September period, the dairy firm’s net revenue from sales of goods and provision of services reached VND39.55 trillion (US$1.69 billion), up 2% year-on-year or VND867 billion (US$37.14 million). 

Of the total revenue, domestic revenue amounted to nearly VND33.9 trillion (US$1.45 billion), while that of overseas business reached nearly VND5.7 trillion (US$244.19 million). 

An increase in revenue was insufficient to cover the growing cost of sales, leading to a slight decrease of gross profit during the period from VND18.63 trillion (US$798.14 million) to VND18.44 trillion (US$790 million). 

Additionally, selling expenses also increased from VND8.33 trillion (US$356.87 million) to VND8.9 trillion (US$381.29 million), up 6.8% year-on-year. 

This resulted in a pre-tax profit of VND9.37 trillion (US$401.42 million) during the period, down nearly VND800 billion (US$34.27 million) year-on-year. 

As of September 30, Vinamilk's equity and total assets value reached VND25.95 trillion (US$1.11 billion) and VND34.02 trillion (US$1.45 billion), respectively. 

Vinamilk’s net profit in the third quarter of 2018 was VND2.56 trillion (US$109.69 million), down 5% year-on-year, while its net revenue stood at VND13.75 trillion (US$589.13 million), up 3.3%.

Vinamilk’s gross profit increased by VND223 billion (US$9.55 million) to VND6.49 trillion (US$278.08 million) during the July – September period, equivalent to a gross profit margin of 47.3%. However, selling expenses saw an increase of over 14% year-on-year from VND2.98 trillion (US$127.69 million) to VND3.41 trillion (US$146.11 million), resulting in a pre-tax profit of VND3.03 trillion (US$129.83 million), down 5.9% year-on-year. 

Vinamilk set its revenue target in 2018 at VND55.5 trillion (US$2.4 billion), up 8.5% yearly. Under the plan, Vinamilk estimated its after-tax profit to reach VND10.7 trillion (US$473 million), increasing 4.6% over 2017. 

Vietnam's dairy industry posted revenue of over VND100 trillion (US$4.4 billion) last year, an increase of 10% over the previous year, with Vinamilk commanding a market share of around 50%, according to the latest statistics.

The local dairy market is expected to double its size by 2020, reaching US$8.2 billion as Vietnam's population is projected to increase by five million people and personal income and dairy consumption are foreseen to increase at 15% and 7% compounded annual growth rate, respectively.
Ngoc Thuy
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