Thaco's pre-tax profit down to US$241 million in 2017
By the end of 2017, Truong Hai Auto Corporation (Thaco)`s revenue reached VND49.6 trillion (US$2.17 billion), down 16% compared to 2016, said the company`s audited 2017 financial report.
The company posted its pre-tax profit at VND5.5 trillion (US$241 million) down 36% year on year.
Thaco's pre-tax profit down to US$241 million in 2017.
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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).
Following a report by the Vietnam Automobile Manufacturers' Association (VAMA), Thaco continues its leading role in car market with the sales of 8,548 units in March, taking the total car sale in the first quarter to 25,000 units.
Car sales in March are reported at 21,127 units, including 12,858 passenger cars, 6,949 commercial cars and 1,320 special-purpose cars.
Consequently, passenger cars sales have grown 48%, commercial cars of 109% and special-purpose cars of 222% compared to last month. Sales of domestically assembled cars reached 18,777 units, up 76% compared to last month, while imported CBUs are 2,350 units, up 37%.
Total sales units of VAMA's members as at March decreased at 8% compared to the same period of last year, in which passenger cars down 4%, commercial cars down 11% and special-purpose cars down 40%.
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.
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