July 31, 2018 / 6:15 AM / 10 months ago

Vietnam's Vingroup first-half net profit falls 11.5 percent year-on-year

HANOI (Reuters) - Vingroup VIC.HM, Vietnam’s top firm by market valuation, posted an 11.5 percent fall in first-half net profit on Tuesday, hurt by rising costs of goods sold and services rendered.

Net profit fell to 1.65 trillion dong ($70.89 million) for the six months ended June, while total revenue jumped 73.6 percent to 61.2 trillion dong, according to the financial statements filed to the exchange. The cost of goods sold and services rendered almost doubled to 46 trillion dong.

The company recorded a loss of 44 billion dong for its joint venture and affiliated companies, compared with a 15 billion dong profit in the same period last year.

For the second quarter, Vingroup posted a 63 percent jump in revenue but a 52.9 percent drop in net profit, with losses in its affiliate and joint venture firms. In the year-ago period, it also recorded an income from deferred income tax of 252 billion dong.

The cost of goods sold and services rendered increased in all sectors for the second quarter, notably for inventory properties, hotel and amusement park, as well as for supermarkets and retail outlets.

Reporting by Mai Nguyen; Editing by Subhranshu Sahu

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