Truong Thanh Furniture (TTF) falls as net income drops 59%

Truong Thanh Furniture Joint-Stock Group shares dropped the most in a month after the largest listed furniture maker in Vietnam posted a first-half profit decline of 59 percent.

Truong Thanh ended five days of gains by falling 4.3 percent to VND20,100 on the Ho Chi Minh Stock Exchange.

Net income of the company, which makes furniture for Tesco Plc and Carrefour SA, dropped to about VND9 billion (US$505,000) in the first six months of the year, from VND21.7 billion a year earlier, said Deputy General Director Ngo Thi Hong Thu.

Financial expenses climbed almost 46 percent to VND55 billion because the company had to repay debt with high interest rates from last year, she said.

thanhnien, bloomberg

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