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Loc Troi Group (LTG) reports plunge in both revenue and gross profit
Loc Troi Group, a leading private provider of agricultural products and services, acquired VND1.99 trillion ($86.52 million) in net revenue and VND381.4 billion ($16.58 million) in gross profit, signifying drops of 24 and 42 per cent, compared to the consolidated figures of last year.
In its consolidated financial statement for the fourth quarter, Loc Troi Group has reported bleak results. Financial revenue was VND2.2 billion ($95,650) in the fourth quarter only. Interest expenses also decreased by 43 per cent to VND27.6 billion ($1.2 million) and sales expenses decreased by 27 per cent on-year to VND178.6 billion ($7.77 million).
The consolidated net revenue in 2019 was VND8.31 trillion ($361.3 million), down 8 per cent on-year. Besides, gross profit decreased by 13 per cent to VND1.7 trillion ($73.91 million) and the group's after-tax profit decreased by 19 per cent to VND334.5 billion ($14.54 million).
Thus, compared to its full-year target, which was VND8.68 trillion ($377.39 million) in net revenue and VND521 billion ($22.65 million) in after-tax profit, the group reached 96 and 64 per cent, respectively.
Regarding its assets, at the end of 2019, Loc Troi owned VND6.5 trillion ($282.61 million), down 15 per cent compared to the beginning of the year. However, its short-term loans decreased by 35 per cent to VND1.97 trillion ($85.65 million) and long-term loans were zero.
As of the transaction session on January 30, the group's shares were at VND19,900 (85.65 US Cents) with the capitalisation of VND1.6 trillion ($69.57 million).
Loc Troi Group – formerly An Giang Plant Protection JSC – is one of the leading agricultural manufacturers in Vietnam. It focuses on the production of seed products, crop chemicals, as well as biological and organic products. The state still holds a 24.2 per cent stake in the company.
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