In the first quarter of 2024, Hue Textile recorded net revenue of nearly VND 482 billion, down 20% year-over-year; pre-tax profit also decreased by 21% to nearly VND 28 billion. Thanks to a reduction in corporate income tax expenses, after-tax profit increased by 4% to over VND 22 billion. Gross profit margin remained at 12%.
In 2024, HDM sets a target of VND 1,920 billion in total revenue, a slight increase of 2% compared to 2023, but pre-tax profit is forecasted at VND 110 billion, down 9%, based on the forecast that the Yarn industry has not shown. signs of recovery, the Garment industry expects to improve in the last 6 months of 2024. At the end of the first quarter, the Company achieved 25% of the annual revenue and profit plan.
On the balance sheet, as of March 31, 2024, Hue Textile’s total assets were nearly VND 1,030 billion, down VND 176 billion compared to the beginning of the year. Inventories decreased by VND 129 billion to nearly VND 160 billion, while cash and bank deposits increased slightly to VND 197 billion.
On the other side of the balance sheet, liabilities were nearly VND 633 billion, down VND 198 billion compared to the beginning of the year. Total financial debt accounted for more than 64% of the proportion, reaching VND 406 billion, of which short-term loans and lease payables decreased from VND 411 billion at the beginning of the year to VND 295 billion.
On the stock market, HDM’s share price is currently trading near its historical peak, closing at VND 29,400/share (as of April 22), up 10% compared to the beginning of the year, with a market capitalization of nearly VND 591 billion. .
| HDM stock price from the beginning of 2024 |
