Jewellery company profits down due to low gold sales

Phu Nhuan Jewellery Co (PNJ)'s first quarter net profits fell 28.5 per cent year-on-year, reaching just VND66 billion (US$3.1 million).

Its gross revenue was also down over 13 per cent to nearly VND1.77 trillion ($84.3 million), the company reported.

Both sales and financial costs declined from 23-32 per cent compared to the same period last year, but its net profit still fell due to lower incomes from gold sales and other discount promotion programmes, PNJ explained.

At the end of March, the company's total assets reached over VND2.68 trillion ($127.6 million), up 5 per cent over the beginning of the year, while cash and equivalents rose 27.8 per cent to nearly VND599 billion ($28.5 million).

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