Viglacera Reports First-Quarter Revenue Dip Amidst Groping Earnings
Vietnam Glass and Ceramic Corporation (stock code: VGC) has released its Q1/2024 financial statements, reporting a 2.639 trillion VND revenue, reflecting a slight 5% decrease year-over-year. Notably, revenue from land leasing dipped by nearly 1% to 1.084 trillion VND, while tile sales declined by 2% to 602 billion VND.
Despite these setbacks, Viglacera’s cost of goods sold decreased by almost 10%, resulting in a 10.8% surge in the company’s gross profit to 738 billion VND. Its financial revenue nearly doubled, reaching 23 billion VND. Additionally, financial expenses, sales costs, and management expenses all witnessed reductions.
Consequently, Viglacera recorded a pre-tax profit of 344 billion VND, marking a significant 55.6% increase compared to the same period last year. The company’s post-tax profit attributed to shareholders amounted to 206 billion VND, representing a 7% growth. This financial performance indicates an end to the company’s four-quarter consecutive decline in profitability.
As of March 31, Viglacera’s total assets stood at 23.317 trillion VND, a decline of approximately 800 billion VND compared to the beginning of the year. Cash and cash equivalents experienced the most significant drop, decreasing by over 700 billion VND to 1.760 trillion VND.
Long-term work-in-progress constituted the largest portion (27%) of Viglacera’s assets, amounting to nearly 6.300 trillion VND. This represents the ongoing construction costs of various projects. Fixed assets reached 5.307 trillion VND, while inventory totaled 4.673 trillion VND, reflecting a 1.4% reduction.
