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Vinamilk's (VNM) revenue up 7.3% in Q1
Viet Nam Dairy Products Joint Stock Company (Vinamilk) still enjoyed success during the first quarter of this year despite the COVID-19 pandemic.
The dairy firm recorded a revenue of VND14.15 trillion (US$602.1 million), a year-on-year increase of 7.3 per cent.
Its domestic business recorded net sales of VND12.1 trillion, a growth of 7.9 per cent compared to the same period last year.
The domestic business also contributed 85.4 per cent to the company’s total revenue.
Its direct exports recorded net sales of VND1.08 trillion, up 7.5 per cent year-on-year and contributed 7.6 per cent to the company’s consolidated revenue.
The foreign branch segment recorded net sales of VND980 billion, growing by 0.8 per cent over last year and contributed 6.9 per cent to the total revenue.
The low growth is attributed to Vinamilk’s subsidiary in the US – Driftwood – as schools in California, its main customers, closed in mid-March when the COVID-19 pandemic began to break out in this area.
Vinamilk's consolidated profit after tax reached VND2.78 trillion, down 0.7 per cent compared to the same period last year due to increasing operation expenses.
Vinamilk is currently managing more than 150,000 cows, with the total raw milk output providing nearly 1,200 tonnes per day.
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