Thaco set revenue target to US$3.6 billion
Truong Hai Auto Corporation (Thaco) set revenue in 2018 at VND83 trillion (US$3.6 billion), up 50% compared to 2017, said the company at the annual general meeting on April 19.
The car maker also posted consolidated profit at VND7 trillion (US$306.6 million), increasing 44%.
Thaco set revenue target to US$3.6 billion.
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The return on capital employed (ROCE) slightly increased at 0.7 percentage point, taking its consolidated profit down from VND11.35 trillion (US$496.5 million) to VND9.1 trillion (US$398.1 million) in 2017, down 19.3%.
In terms of expenses, Thaco recorded VND1.64 trillion (US$71.7 million) in sale expenses, down 8.6%; VND1.65 billion (US$71.8 million) administrative expesnes, down 9.5% and VND548 billion (US$24 million) of debt payment, up 7.7%.
By the end of 2017, Thaco's total assets worth VND60.5 trillion (US$2.64 trillion), up 12% compared to the year beginning, in which short term assets accounted for 64% at VND38.5 trillion (US$1.68 billion).
Last year, a total of 272,750 units were sold, down 10% on-year, informed Vietnam Automobile Manufacturers' Association. The sales of passenger cars and commercial and special-use vehicles decreased by 15, 2, and 12%, respectively.
The falling sales were attributed to consumers' waiting for a decrease in automobile prices in early 2018 when the automobile import tariff will slip to 0% as the ASEAN trade in Goods Agreement (ATIGA) took effect in the beginning of 2018, said Tran Ba Duong, Thaco's Board Chairman.
Thaco, however, still maintain the top standing in the market with 35.8% by selling 88,820 units. Specifically, passengers cars such as Kia, Mazda, Peugeot accounted for 47,791 cars.
Last year, Thaco and BMW signed contract distributing BMW, Mini Cooper, and BMW Motorrad in Vietnam. Sales number from truck and bus is 41,029 in 2017.
By the end of 2017, Thaco has 158 point of sales across the country, including 69 showrooms for passengers cars, 31 showrooms for truck and bus, along with 58 representative offices. Thaco also has invested a delivery system in Chu Lai open economic zone.
Thaco's consolidated revenue in 2017, including Dai Quang Minh JSC is VND55.2 trillion (US$2.4 billion), with after-tax profit of VND4.9 trillion (US$214.6 million), in which, Thaco's profit reached VND4.7 trillion (US$205.6 million), and that of Dai Quang Minh at VND125 billion (US$5.46 million).
Dung stressed 2018 to be the new chapter in Vientam's automobile industry development phase, for which, Thaco strived to become a multi-sector corporation in the future. To achieve this target, Thaco will initiate the restructuring process, which will be closely related to the chain value.
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