Wednesday, 23 May 2018
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ECONOMYREAL ESTATE

VinGroup's profit in first quarter at US$109.6 million

Updated at Tuesday, 01 May 2018, 15:00
The Hanoitimes - VinGroup`s net profit before tax in the first quarter reached VND2.5 trillion (US$109.6 million), resulting its after-tax profit at VND1 trillion (US$43.85 million), up 103.7% and 70.1% year on year, respectively.
Specifically, Vietnam's biggest property developer's consolidated revenue in the fisrt quarter is posted at VND29.1 trillion (US$1.27 billion), increasing 84.4% compared to the same period of last year, said its latest quarterly consolidated financial statement.
 
Illustration photo.
Illustration photo.
Revenue from transfer of properties in the first quarter of VinGroup at VND20.3 trillion (US$890.1 million), up VND9.8 trillion (US$429.7 million), or increasing 94.1% compared to the first quarter of 2017, mainly from large scale projects such as Vinhomes Golden River, Vinhomes Central Park and Vinhomes Green Bay. 

Meanwhile, the Group's revenue from retail services reached VND4.1 trillion (US$179.7 million), up VND1.76 trillion (US$77.1 million) or equivalent to 74.6% compared to the same period of last year. 

Revenue from hotels, amusement parks and related services was estimated at VND1.88 trillion (US$82.4 million), increasing 53.7% year on year, and revenue from leasing properties for retail, educational and healthcare purposes at high growth rate from 22.1% to 68.2%. 

As at March 31, VinGroup's total assets worth VND223.8 trillion (US$9.8 billion), with equity of VND59.2 trillion (US$2.6 billion), increasing 4.7% and 12.7% compared to the end of 2017, respectively. 

In the first quarter, VinFast, a subsidiary of VinGroup has signed contracts with leading companies in automobile industries such as Pininfarina, BMW, Magna Steyr, AVL, Durr AG, Schuler AG and Eisenmann, with an aim to launch the first car in the end of 2019.

Concurrently, VinFast also established a Training Center for Mechatronics and Mechanical Engineering, which is scheduled to be operational since this August. Graduates will get the opportunity to work at VinFast's automobile and electric motorcycle plants, as well as nearly 50,000 German companies around the world. 

In March, VinGroup officially entered the field of higher education by establishing VinUni University, signing strategic cooperation agreement with two of the top 20 leading universities in the world, namely US-based Cornell and Pennsylvania.  
Ngoc Thuy
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