CTCP Thủy sản Minh Phú (stock code: MPC) announced its financial results for 2023 with a revenue of VND 10,688 billion, a decrease of 35% compared to the same period last year. After deducting the cost of capital, the company’s profit decreased by 62% to VND 1,065 billion.
The company’s financial operating revenue decreased by 55.6% to VND 98 billion. Despite all the reduced costs, Minh Phú still incurred a post-tax loss of VND 105 billion in 2023, while earning VND 839 billion in the same period. This is also the first time in 8 years that the company reported a loss.
This year, the company set a revenue target of VND 12,790 billion, a 23% and 22% decrease in post-tax profit compared to the same period. With the above results, the company cannot achieve its annual target.
According to the unaudited financial statements of this company, despite earning over VND 9 billion in the fourth quarter of 2023, the company still couldn’t escape from losses.
In terms of financial situation, as of the end of September, Minh Phú’s total assets reached VND 10,194 billion, a decrease of VND 500 billion compared to the beginning of the year. The inventory was VND 4,966 billion, a decrease of VND 80 billion. The company has set aside a provision of nearly VND 85 billion.
Compared to January 1, the basic construction costs remained at about VND 1,412 billion, an increase of 35%. However, this item is not detailed in the financial report.
At the end of the period, Minh Phú’s total financial borrowings amounted to VND 3,886 billion. The company’s equity reached VND 5,619 billion, including VND 928 billion of undistributed post-tax profit as of September 30.
