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Vinamilk (VNM) Q3 profit meets 80 per cent of yearly target
The Vietnam Dairy Products Joint Stock Company, one of the country's leading dairy producer, has reported its nine-month net profit hit 80 per cent of the year's target.
Nine-month net profit gained almost 6 per cent year on year to VND8.38 trillion (US$363 million).
The slight increase of net profit in the January-September period was attributed to a modest gain in the firm’s total net revenue.
After three quarters, the company – known as Vinamilk – earned more than VND42 trillion in total net revenue, up 7 per cent year on year.
Sales of dairy products accounted for 96 per cent of total revenue, worth VND40.37 trillion.
Financial expenses rose a quarter in nine months to VND116 billion, caused by a 93 per cent growth in borrowing interest and commission paid to sellers worth VND12 billion.
The company targets VND56.3 trillion in total revenue and VND10.5 trillion in net profit for 2019.
In the third quarter alone, Vinamilk posted a 4 per cent annual increase in its net revenue, which was more than VND14.3 trillion.
Its gross profit also rose 4 per cent year on year to VND6.7 trillion. However, financial expenditure was up nearly half to VND45 billion.
In July-September, Vinamilk saw net profit rise 5 per cent year on year to VND2.69 trillion.
As of September 30, cash and cash equivalents were worth VND1.04 trillion.
Short-term financial investments were worth VND10.24 trillion, up 18 per cent from the beginning of the year.
Vinamilk also increased its investment in GTNFoods by nearly three times to VND1.48 trillion, bringing its ownership in the latter at 40.53 per cent.
Total assets increased slightly to more than VND40 trillion from VND37.3 trillion. Short-term loans jumped four times to VND4.2 trillion.
Vinamilk shares are listed on the Ho Chi Minh Stock Exchange as VNM and fell 1.5 per cent to end Thursday at VND130,000 per share.
The company's shares have gained as much as 15 per cent in the last two months but are far away from the record high of VND168,000 per share hit in early 2018.
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