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ECONOMYINDUSTRY

Vinacomin sees pre-tax profit double in 6 months

Updated at Friday, 28 Sep 2018, 05:55
The Hanoitimes - Vietnam National Coal and Minerals Group (Vinacomin)`s revenue in 1H2018 stood at VND50.77 trillion (US$2.16 billion), up 27% year-on-year, of which, coal and mineral mining contributed a combined of over 80% of total revenue.
Vinacomin, Vietnam`s largest coal producer, said its pre-tax profit reached VND3.06 trillion (US$130.67 million) in the first six months of 2018, doubling the number recorded year-on-year, according to the group`s consolidated financial statement.
 
Illustrative photo.
Illustrative photo.
According to the report, Vinacomin's revenue in the six-month period stood at VND50.77 trillion (US$2.16 billion), up 27% year-on-year.  

Of the total, coal and minerals mining contributed 65% and 15.6% to the revenue, reaching VND33.06 trillion (US$1.41 billion) and VND7.94 trillion (US$339.11 million), respectively, while electricity production accounted for 11.3% for VND5.72 trillion (US$244.3 million).

Vinacomin's gross profit climbed 21.6% year-on-year to VND9.92 trillion (US$423.7 million) in the January - June period.

In the first six months of 2018, Vinacomin had financial expenses of VND2.90 trillion (US$123.85 million), representing an increase of 8.8% year-on-year, sales expenses of VND1.91 trillion (US$81.56 million), up 29%, and management expenses of VND2 trillion (US$85.41 million), down 24%. 

As of June 30, the group's total assets were valued at VND140.93 trillion (US$6.02 billion), up VND700 billion (US$29.9 million) compared to the beginning of the year. Of the sum, fixed assets were worth VND80.64 trillion (US$3.44 billion) or 57%, inventory VND16.21 trillion (US$692.38 million) or 11.5%, long-term assets in progress of VND11.6 trillion (US$508.6 million) or 8.2% and short-term receivables of VND11.53 trillion (US$492.57) or 8.2%. 

Vinacomin's equity reached VND42.67 trillion (US$1.82 billion) during the period, up 4.5% compared to the beginning of the year. The group's payables were VND98.26 trillion (US$4.19 billion), slightly down 1.1% year-on-year.
Ngoc Thuy
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