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TTCS announces 50% profit rise
Thanh Thanh Cong Bien Hoa Sugar JSC (TTCS) announced post-tax profits for the first half of the fiscal year 2017-18 of VND260 billion (US$11.5 million), a yearly increase of 49.4 per cent.
The post-tax profit recorded for the parent company’s shareholders was VND255 billion, TTCS said in its first-half financial report.
The fiscal year for TTCS begins on July 1 and ends on June 30 of the following year.
TTCS reported that its revenue for the first half of the fiscal year reached VND5.47 trillion, up 160 per cent from a year before.
Sales of sugar products contributed 92.5 per cent of the company’s total revenue, equal to VND5 trillion, and the figure rose 164 per cent year on year.
TTCS also recorded increases in sales of other products such as rubber, honey and fertilisers.
Notably, the firm’s financial revenue multiplied by 4.4 times year on year to VND434 billion with more than 62 per cent of the figure attributed to sales of the company’s previous financial assets.
The company also recorded a 130 per cent increase in its bank deposit, which rose to VND148 billion. By the end of the fiscal year first-half, TTCS had VND447 billion worth of financial deposits.
In its report, TTCS also said its financial expenses increased by VND285 billion to VND423 billion. The figure included VND384 billion worth of interest payments.
Total debt TTCS had to pay rose by VND6 trillion to VND10.7 trillion from the end of the last fiscal year. Of the total, short-term and long-term lending doubled to VND5.92 trillion and VND3.13 trillion.
The rosy figures were attributed to TTCS’s merger with Bien Hoa Sugar JSC (BHS) in the third quarter of 2017.
TTCS had to issue 303.8 million shares to swap for 298 million BHS shares to create the largest Vietnamese sugar producer. BHS was delisted from the HCM Stock Exchange on August 29, 2017.
After the merger, TTCS’s total assets increased by VND10 trillion to VND17.85 trillion while its owner equity rose by VND4 trillion to VND7.13 trillion.
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