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Vinatex posts revenue increase by 13% in 2017
Ngoc Thuy 23:23, 2018/02/02
Vietnam National Textile and Garment Group (Vinatex)’s net revenue in 2017 is estimated at VND17.5 trillion (US$766 million), an increase of 13.2% over the last year, according to the company’s recent consolidated financial statement.
That said, Vinatex’s net profit reached VND634 billion (US$27 million), up 9.5% year-on-year, following the company's net revenue in the fourth Quarter of 2017 of VND4.4 trillion (US$192 million), a slight increase of 0.7% compared to the same period of 2016. 
 
The company set target of reaching VND48.5 trillion (US$2.1 billion) in revenue for 2018.
The company set target of reaching VND48.5 trillion (US$2.1 billion) in revenue for 2018.
Notably, with prime cost recorded at VND4trillion (US$175 million), up 1%, resulting in the accumulated profit of VND377 billion (US$16.5 million), decreasing 2.9%. 

Despite revenue of Vinatex in the quarter reached VND120 billion (US$5.2 million), up 134%, in combined with profit from affiliates and consortiums of VND151.6 billion (US$6.6 million) and other sources of VND83 billion (US$3.6 million, equivalent to an increase of 43%), but as costs increased significantly (financial costs doubled and administration cost increased by 10%), Vinatex’s pre-tax profit decreased 18% at VND138 billion (US$6 million).

In total, Vinatex’s accumulated net revenue reached VND17.5 trillion (US$766 million), an increase of 13.2% over the last year, with accumulated profit of VND1.6 trillion (US$70 million), reducing 6%. 

Meanwhile, the company posted the year’s revenue at VND305 billion (US$13.3 million) and profit of VND570 billion (US$25 million) from its affiliates and consortiums, as well as VND131 billion (US$5.7 million) from other sources.

Thanks to a decrease of 8.5% in financial costs and 11% in corporate governance fee, Vinatex’s pre-tax profit has increased by 4.6% over the last year period to VND715 billion (US$31 million). 

Since the beginning of the year, price of Vinatex’s share has shown positive sign with an increase of 48% in value for trading value of VND16,200 (US$0.7) per share in January 2. Meanwhile, the average amount of shares change hand is over 220,000 shares per trading session. 

In 2017, Vinatex recorded export value of over US$3 billion, increasing 10% over 2016, stated in the company’s meeting reviewing its business result in 2017 and plans for 2018 on January 3. 

The company set target of reaching VND48.5 trillion (US$2.1 billion) in revenue for 2018 and pre-tax profit of VND1.45 trillion (US$63 million), increasing 6.5% and 1.1% compared to 2017, respectively. 

The global GDP in 2018 is expected to grow sustainably, but demand for textile & garment in international market will grow at modest rate of 1-2%. That said, Vietnam’s textile and garment industry set the target of US$34 billion, up 10% over 2017.
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