Vinataba reported net profit down 21%, to 557 billion after the first 6 months. However, thanks to the recognition of the 152 billion dong financial support from Philip Morris International, the parent company’s after-tax profit was almost flat, reaching 495 billion dong.
The Vietnam Tobacco Corporation (Vinataba) has just released its semi-annual financial report for 2020 showing that 6-month net revenue decreased by 5% compared to the same period last year, to 8976 billion VND. Cost of goods sold decreased only 4%, making gross profit decrease 10% to 1809 billion VND. Gross profit margin accordingly decreased from 21.3% to 20.2%.
Source: Thu Thao compiled from Vinataba’s semi-annual financial statements.
During the period, finance revenue increased 36% to 107 billion dong thanks to other financial activities and increased exchange rate difference interest. At the same time, financial expenses also increased from VND 146 billion to VND 164 billion.
Selling expenses recorded an increase of 6% to VND 573 billion, while corporate expenses decreased by 7% from VND817 billion in the same period last year.
On the other hand, the company also recorded profit in joint ventures increased from 117 billion to 138 billion. As of the end of 2019 the company is investing in 7 joint ventures. From the above movements, Vinataba reported net profit down 21% to 557 billion.
However, thanks to the full financial support from Philip Morris International 152 billion VND, after-tax profit of Vinataba only decreased 5%, to 597 billion VND. In which, the after-tax profit of the parent company’s shareholders is nearly 495 billion dong, only a slight decrease of 1% compared to the first half of 2019.
According to research, Vinataba is the parent company that owns 51% of the charter capital of Vinataba – Philip Morris Company Limited, this is a joint venture between Vinataba and Philip Morris International. In which, Philip Morris International is a large tobacco corporation from the US, owner of the trademark of Marlboro cigarettes.
Vinataba is the largest tobacco producer and consumer in Vietnam. This is the parent company that owns 100% capital of Saigon Tobacco Company Limited and Thang Long Tobacco One Member Company Limited.
At the end of the second quarter, Vinataba had 18837 billion dong of total assets, down 886 billion dong compared to the beginning of the year. In which, large items include inventories of 9159 billion dong (down 10% compared to the beginning of the period); cash and cash equivalents 3434 billion VND (down 10%), fixed assets 2895 billion VND (up 78%).
On the source side, total liabilities decreased from VND 9452 billion to VND 8534 billion. In which, total short-term and long-term loans accounted for more than half, with 4541 billion dong.
Source: vietnambiz.vn – Translated by fintel.vn
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