Viglacera Corporation – Joint Stock Company (ticker: VGC) has released its Q2 2024 consolidated financial report, revealing a 31% year-over-year decrease in net revenue to VND 2,712 billion. Despite a 24% reduction in cost of goods sold, gross profit plunged by over 46% to VND 654 billion due to the higher decrease in revenue.
During this quarter, the company’s financial income declined by nearly 23% to VND 17.3 billion. On the expense side, selling and financial expenses decreased by 15% and 24%, respectively, compared to Q2 2023, while administrative expenses rose by 38% to over VND 168 billion.
As a result, Viglacera reported a 73% year-over-year drop in net profit for Q2 2024, amounting to nearly VND 171 billion.
The company attributed the decrease in Q2 profit to lower revenue from its industrial infrastructure leasing segment, as well as challenges faced by its glass business in terms of sales volume, selling prices, and overall revenue.
For the first half of 2024, Viglacera’s net revenue stood at VND 5,351 billion, a 20% year-over-year decline, while net profit decreased by 47% to VND 408 billion over the same period.
As per the balance sheet dated June 30, 2024, Viglacera’s total assets amounted to VND 23,641 billion, marking a VND 459 billion decrease from the beginning of the year. Cash and bank deposits decreased by over 24% to VND 1,864 billion during this period.
The company’s total liabilities decreased by nearly 5% since the start of the year to VND 13,898 billion, including VND 5,144 billion in financial borrowings. Shareholders’ equity stood at VND 9,743 billion.
