After 2 strong quarters, Lix Detergent reported a flat third quarter profit
admin 21-10-2020, 10:26

According to the third quarter financial report of Lix Detergent Joint Stock Company (HoSE: LIX), net revenue decreased slightly by 1% to 650 billion VND. However, the increase in COGS caused gross profit to decrease by 12% to 135 billion dong. Gross profit margin also dropped to 20.8%.

After 2 strong quarters, Lix Detergent reported a flat third quarter profit

Source: LIX Financial Statements

Selling expenses decreased significantly by 29%, helping businesses save 20 billion VND. General and administrative expenses increased 9% to 25.5 billion VND. In conclusion, pre-tax profit was 60 billion dong, profit after tax went flat at 48 billion dong. Basic profit per share is 1336 dong /share.

So, even though Q3 revenue decreased slightly and profit went flat, Lix still exceeded revenue plan and completed profit plan. Previously, the Board of Directors set a revenue of 600 billion VND, a decrease of 10.5% compared to the performance in the third quarter of 2019. Its pre-tax profit target is flat at 60 billion dong.

9-month revenue reached 2219 billion dong, up 20% over the same period in 2019. In which, revenue from export increased 37% to 383 billion dong, import also increased 17% to 1836 billion dong.

Thanks to the record profit of the previous 6 months, the company still recorded a significant increase in profit, specifically, pre-tax profit was 202 billion dong, up by over 22%. Profit after tax was VND 160 billion, an increase of more than 21%. In 2020 the company sets a revenue target of about VND 2772 billion, an increase of 10% and a slight increase in pre-tax profit target of 2% to VND 230 billion. With the above results, this unit has completed 88% of the annual profit plan.

Total assets as of September 30 increased 18% from the beginning of the period to VND 1058 billion, mainly fixed assets and inventories. Cash and deposits were VND 161 billion, up 26%. Short-term receivables from Ho Chi Minh City Union of Trading Cooperatives, Vincommerce are 143 billion VND, down 12%.

Regarding capital sources, short-term loans incurred VND 55 billion compared to the beginning of the period while long-term loans decreased in value respectively. Short-term payables to sellers was VND 150 billion, down 15%.

Source: – Translated by