Vietnam-based Vicostone JSC (VCS on HNX) recently released its consolidated financial report for Q1 2025, revealing a 5.2% year-on-year decline in revenue to over VND 1,018 billion.
Gross profit for the quarter stood at nearly VND 245.9 billion, a 15.1% dip compared to the same period last year, after deducting cost of goods sold amounting to nearly VND 772.2 billion.
Financial income for the period rose by 26% year-on-year to over VND 23.4 billion, while financial expenses also increased by 19.2%, totaling more than VND 13.7 billion.
Selling and management expenses followed a similar upward trajectory, with selling expenses climbing 15.1% to nearly VND 43.6 billion, and management expenses inching up to over VND 14 billion.
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Vicostone’s pre-tax accounting profit for the quarter reached over VND 196.2 billion, a decrease of 19.5% compared to the previous year. After accounting for various taxes and fees, the company posted a net profit of nearly VND 164.6 billion, reflecting a 19.6% year-on-year drop.
For the full year 2025, Vicostone has set ambitious targets, aiming for a consolidated revenue of VND 4,719 billion and a pre-tax profit of VND 975 billion, which would represent increases of 9.2% and 2.3%, respectively, over the 2024 financial results.
With the conclusion of Q1 2025, Vicostone has accomplished 21.6% of its revenue target and 20.1% of its pre-tax profit goal.
As of March 31, 2025, Vicostone’s total assets showed a slight increase from the beginning of the year, reaching over VND 6,470.4 billion. Cash and cash equivalents stood at nearly VND 1,772.9 billion, a 12% rise, and accounted for 27.4% of total assets.
Additionally, the company held maturity-dated investments, including a 6-month term deposit in a commercial bank worth VND 768 billion, making up 11.9% of total assets. Inventory levels decreased by 11.5% to over VND 1,641.3 billion, constituting 25.4% of total assets.
On the liabilities side of the balance sheet, total liabilities decreased by 10.5% from the start of the year to nearly VND 1,214.8 billion. Borrowings and finance lease obligations accounted for the majority of this figure, totaling nearly VND 1,005.8 billion, or 82.8% of total liabilities.
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