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PNJ: Explanation for the fluctuation of Q2.2020 business performance Phu Nhuan Jewelry Joint Stock Company (PNJ) explains the fluctuation more than 71.7% in its financial statements in Quarter 2 of 2020 compared to the same period of 2019 as follows:
By: VND
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Item
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2020
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2019
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Difference
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Consolidated financial statements
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- Net revenue
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2,744,802,199,607
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2,961,828,580,037
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-7.33%
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- Profit after tax
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31,660,485,158
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169,151,564,268
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-81.28%
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Separate financial statements
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- Net revenue
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2,464,854,425, 795
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2,188,660,080,092
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12.62%
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- Profit after tax
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42,940,737,342
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151,700,870,184
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-71.69%
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Profit after tax decreases because of the following causes:
- Due to the Covid-19 pandemic, PNJ temporarily closed most of its stores in early April 2020 and gradually reopened from late April. Therefore, the retail sales in April was affected significantly. However, the jewelry sales have recovered positively in May and June 2020.
- Sales from 24K gold grew by 10% compared to the same period.
- Wholesale sales decreased by 24% compared to the same period.
- Borrowing cost was VND44.2 billion, up 107% compared to the same period because of the increase of working capital to respond to the Covid-19 pandemic. HOSE
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