In the first quarter, HBC recorded net revenue of nearly VND1.7 trillion, up 38% year-on-year. Notably, the company no longer operates below cost, resulting in a gross profit of over VND21 billion.
Of particular note, financial revenue was recorded at nearly VND114 billion, while in the same period last year it was less than VND3 billion. The reason for this is the recognition of a gain on the sale of investments of over VND109 billion.
Another亮点 Another highlight is that HBC’s management expenses were refunded by more than VND21 billion due to the reversal of nearly VND89 billion in doubtful debt provisions.
Thanks to these positive factors, HBC had a net profit of nearly VND58 billion in Q1, while in the same period last year it had a loss of nearly VND444 billion.
On the other hand, with a net profit of nearly VND57 billion, HBC has achieved more than 13% of its profit target for 2024.
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Business results in Q1/2024 of HBC
Source: VietstockFinance
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On the balance sheet, HBC‘s total assets as of March 31, 2024 were nearly VND14.9 trillion, a slight decrease of 2% compared to the beginning of the year. Of which, cash and short-term receivables decreased by 19% and 4%, respectively, to over VND328 billion and over VND10.2 trillion. Notably, HBC has incurred a provision for long-term unfinished production and business costs of nearly VND742 billion from a real estate project while it was not recorded at the end of last year.
In terms of debt, payables at the end of March were over VND14.7 trillion, down 3%. Of which, borrowings decreased by 5%, to nearly VND4.5 trillion.
