For the first quarter, Ricons recorded net revenue of VND1,619 billion, down 6% year-on-year due to a 5% decrease in revenue from construction contracts (VND1,612 billion) and a 66% drop in revenue from real estate investment (over VND5 billion).
However, the cost of goods sold decreased more than the revenue decline, resulting in a gross profit of nearly VND59 billion after deduction, up 39%. The gross profit margin also increased to nearly 4%, compared to 2.5% in the same period last year.
Interest expenses during the period halved to nearly VND7 billion. Meanwhile, business management expenses increased by 13% to over VND40 billion.
Notably, Ricons‘s other income was negative by more than VND6 billion, reducing the business’s profit. As a result, Ricons reported a net profit of over VND14 billion, down 9% year-on-year.
 Source: VietstockFinance
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As of the end of March, Ricons‘s total assets exceeded VND7,466 billion, down 5% compared to the beginning of the year. Of which, cash and bank deposits were nearly VND1,278 billion, down 5%, and over VND227 billion invested in bonds.
Short-term accounts receivable from customers remained largely unchanged from the beginning of the period at nearly VND3,687 billion; of which, Ricons had provided for more than VND250 billion of doubtful short-term receivables, while Coteccons (CTD) had nearly VND323 billion.
 Source: Ricons
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Inventories, which are the cost of construction in progress, decreased by 31% to over VND520 billion, mostly concentrated in the Long Thanh airport project at nearly VND155 billion, the SLP Park Xuyen A warehouse project at over VND87 billion, the Kim Chung Di Trach project at VND65 billion, and other projects.
On the other side of the balance sheet, Ricons had nearly VND4,994 billion in liabilities, down 8% from the beginning of the period. Of which, short-term financial debt was over VND496 billion, down 19% from the beginning of the period and accounting for 10% of the business’s total debt.
Continuing to boost public investment?
Currently, Ricons is a contractor for the Long Thanh airport project and Terminal 3 of Tan Son Nhat airport.
With such advantages, Ricons said that public investment will continue to be promoted and create favorable conditions for development. In addition to international airport projects, other infrastructure development plans such as highways, ring roads, elevated railways, ports, hydraulic engineering projects, heavy industrial projects… are great opportunities for the business.
