Vietnam companies achieved lower earnings in April

A number of listed companies have announced lower earnings in April after closing for half of the month.
May 24, 2020 | 11:00

vietnam companies achieved lower earnings in april Vietnam has 4 representatives in Forbes' top 2,000 largest companies in 2020
vietnam companies achieved lower earnings in april VIetnam pharma companies expect revenue growth thanks to COVID-19
vietnam companies achieved lower earnings in april Dairy giants make huge investment as Vietnam ramps up milk production
vietnam companies achieved lower earnings in april
Petro Vietnam Tower (Photo: Saigon Office)

A number of listed companies have announced lower earnings in April after closing for half of the month.

PetroVietnam Power Corporation (PV Power) estimated revenue in April reached VND2.41 trillion (US$103.7 million), fulfilling 81 per cent of its monthly target.

This resulted in a 4 per cent annual decrease in total revenue after four months to VND10.3 trillion – equal to 30.4 per cent of the annual goal.

Retail giant Mobile World Investment Corporation (Mobile World) reported April revenue fell a fifth from the VND9 trillion recorded in April 2019.

The company explained that some of its stores were closed to fight COVID-19 while sales in April fell as demand for air conditioners dropped due to weather.

Mobile World recently lowered its full-year earnings target by 10 per cent in total revenue and 30 per cent in total profit for 2020.

vietnam companies achieved lower earnings in april
Mobile World store (Photo: VNS)

Seafood processor Nam Viet Corporation, pharmaceutical firm Imexpharm, and textile companies Thành Công Textile and Garment Investment Trading JSC and TNG Investment and Trading JSC are among the others to post lower earnings in April.

Those companies are expecting their earnings to pick up in May and the following months as domestic consumption and international markets return to normal.

On the other hand, some companies reported profits despite the disease and lockdown such as Hải Phòng Thermal Power JSC.

The northern thermal power firm announced profit in April of VND103 billion, beating the month target by VND4 billion despite output falling by 7 per cent than targeted.

In the first four months, Hai Phong Thermal Power made VND397 billion in profit, fulfilling 42 per cent of its annual target.

vietnam companies achieved lower earnings in april
Inside a Hoa Sen steel factory (Photo: VNS)

Steelmaker Hoa Sen announced its revenue in April hit VND2.23 trillion with profit of VND90 billion.

Seven months into its fiscal year, which runs from October 1 to September 30, Hoa Sen estimated its total revenue was VND14.6 trillion – fulfilling half of its yearly plan. The firm estimated profit of VND472 billion, beating its forecast by 18 per cent.

Technology group FPT posted 13.5-16.8 per cent annual growth in revenue and post-tax profit in the first four-month period, which reached VND8.84 trillion and VND1.30 trillion, respectively.

Though corporate earnings were mixed in April, companies are expected to disclose business information on a monthly basis to inspire investor confidence in their corporate governance, while dealing with rumours that could negatively affect their results and share performances.

vietnam companies achieved lower earnings in april State budget revenue reaches over VND427 trillion (US$18.17 billion) in Q1 2020

Total revenue of the State budget reached VND427.2 trillion (over US$18.17 billion) as of April 15's report, equivalent to 28.2% of the yearly estimate, according ...

vietnam companies achieved lower earnings in april Oil price fall impact on Vietnam budget revenue is not too great

The plummeting world crude oil prices will not have too great impact on Vietnam’s state budget revenue, said Vo Thanh Hung, head of the State ...

vietnam companies achieved lower earnings in april VIetnam pharma companies expect revenue growth thanks to COVID-19

Pharma stocks have become attractive for months now and become the safest investment channels for investors thanks to COVID-19.

vietnamnews.vn