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Good news: listed companies report satisfactory business result
Most of the released financial reports of listed companies on the Ho Chi Minh City bourse showed a satisfactory business result for the third quarter of the year. Some companies have reportedly fulfilled the yearly plan already, despite the big difficulties of the national economy.
The Group of Financing and Promoting Technology (FPT) have reportedly over-fulfilled the targeted norms by 14.6% in turnover and 3% in pre-tax profit. FPT’s total turnover has reached nearly VND12,450bil ($778mil) by the end of Q3, fulfilling 83.3% of the yearly plan. The group hopes to obtain the turnover of $1bil by the end of this year.
Meanwhile, some other listed companies have reported they have fulfilled their yearly plans already. Hapaco, the paper producer, has a turnover of VND373bil ($23.3mil), exceeding the yearly plan by 16.6%. Hoa Phat, the multi-field group, has also reported a profit which is 46% higher than the targeted yearly plan.
Most of the remaining companies have fulfilled 70% of the yearly plan over the last nine months. Vinamilk (VNM), the dairy producer, has received 74.5% of the targeted turnover, while Thien Nam (TNA) 75.86% of turnover and 83.19% of the pre-tax profit, and Tay Ninh Rubber 98.3% of the yearly plan’s turnover.
Only ten out of 164 listed companies on the Ho Chi Minh City bourse have released their financial reports, while the deadline for report release will come in two weeks. However, analysts said that investors can have a sigh of relief with the satisfactory business result of the reported companies, adding that the ray of light has flashed on the gloomy stock market.
According to Dinh The Hien, MA, a financial expert, only the enterprises that have the turnover by the end of Q3 fulfilling 70-75% of the yearly plan, can hope that their yearly plans can be fulfilled. Meanwhile, the enterprises with the lower turnover would not reach the goals of the year.
Explaining this, Hien said that Q4 would be the most difficult period, when the side effects of the tightened monetary policies are clearly shown. He added that businesses will only feel more comfortable by early the next year.
“The enterprises which rely on loans will find it difficult to obtain the targeted profit,” said Le Dat Chi from the Ho Chi Minh City Economics University.
He went on to say that the macroeconomic factors do not support enterprises. High interest rates of loans have lessened the production capacity of enterprises.
Chi said he would not be surprised if other companies announce they would not fulfill the yearly plan. However, he said that the enterprises which have fulfilled 80% of the yearly plan so far and will reach the finish line on schedule.
Prior to that, local newspapers reported that some listed companies, foreseeing that the previously set targets were unfeasible, have adjusted their targets. These included Tan Dai Hung Plastics, Dien Quang Lamp Joint Stock Company, and Sa Giang Import-Export.
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