CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Agriculture
Vietnam top rice exporter Vinafood II posts US$3.8 million profit in H1
Hai Yen 10:08, 2018/09/18
This result helped the firm reduce its accumulated loss from VND918 billion (US$39.52 million) to VND830 billion (US$35.73 million).
Vietnam's top rice exporter Vietnam Southern Food Corp (Vinafood II) posted pre-tax profit of VND88.1 billion (US$3.79 million) in the first six months of 2018, compared to a loss of VND118 billion (US$5.08 million) recorded in the same period of last year, stated the company's financial statement. 
 
Illustrative photo.
Illustrative photo.
This result helped the firm reduce its accumulated loss from VND918 billion (US$39.52 million) to VND830 billion (US$35.73 million). 

In the January - June period, the company's revenue reached VND7.44 trillion (US$320.35 million), up 68% year-on-year, while gross profit margin increased by over three times year-on-year to VND659 billion (US$28.37 million). 

Vinafood 2 also recorded income of VND71.3 billion (US$3.07 million) from financial activities, up 2.2 times year-on-year, and financial expenses of VND78.1 billion (US$3.36 million), up 11% year-on-year. 

Notably, sale expense saw an increase by 2.5 times year-on-year to VND469 billion (US$20.19 million) and administrative expense declined by 10% to VND88.2 billion (US$3.8 million). 

As of June 30, Vinafood II's total asset value stood at VND10.13 trillion (US$436.22 million), up 40% compared to the beginning of the year. 

Meanwhile, the company's deposits at banks increased from VND635 billion (US$27.33 million) to VND2.85 trillion (US$122.7 million), mainly thanks to proceeds from the initial public offering (IPO) in March and higher short-term debt. 

The statement showed that Vinafood II's receivables (both short- and long-term) were VND2.3 trillion (US$99 million), fixed assets of VND1.95 trillion (US$83.93 million), inventory VND1.89 trillion (US$81.35 million) and payables VND6.18 trillion (US$266 million), up 84% against the beginning of the year. 

The rice exporter's equity as of June 30 climbed 2.3% compared to the beginning of the year to VND3.94 trillion (US$169.62 million). 

In March, Vinafood II raised VND1.16 trillion (US$51 million) from selling out 114.83 million shares or a 22.97% stake on offer in its IPO with the average price of VND10,101 (US$0.44).

Vinafood II's charter capital is now VND5 trillion (US$220.51 million), equivalent to 500 million shares. Under the current plan, the government holds 255 million shares, representing 51% of its charter capital. The Ministry of Agriculture and Rural Development will represent state ownership in the company after the equitization. 

Vinafood II specializes in trade, food import and export, processed food, agricultural products, and storage. The company currently owns a distribution system covering the southern provinces of Vietnam. 
Comments
Other news
11:26, 2024/12/21
OCOP and agricultural products promotion week underway in Hanoi suburb
The event is part of the "Vietnamese Prefer to Use Vietnamese Goods" campaign.
14:48, 2024/12/20
Vietnamese Gen Z's green mission
Founded by a group of Gen Z Vietnamese, the Vietnam Carbon Credit Project aims to bring multiple environment benefits and expand operations abroad.
06:50, 2024/12/20
Hanoi's flower villages are in full Tet preparation mode
Flower villages in Hanoi are busy preparing for Tet, the year's most important traditional festival for Vietnamese people.
10:02, 2024/12/14
Bringing traditional So Village glass noodles to global marketplace
Hanoi's dedicated farmers work tirelessly to bring their agricultural products to the world stage, introducing the products of the rich and flavorful bounty of Vietnam's fertile lands.
15:02, 2024/12/13
Exhibition on OCOP goods in Hanoi's outlying district
The event in Ba Vi District is expected to provide consumers with access to distinctive products from traditional craft villages in the locality and other places.
23:41, 2024/12/12
Effective development of urban agriculture on Hanoi's outskirts
Hanoi's urban agricultural development is geared towards a balanced, rational structure between the elements of the agricultural ecosystem, while making positive contributions to the environment.