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Duc Giang Chemicals expects net profit to plunge further in Q2

The Saigon Times

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HCMC – Duc Giang Chemicals Group JSC, whose DGC shares are listed on the Hochiminh Stock Exchange, has forecast its profit will continue declining in the second quarter of the year.

In its second-quarter business plan, the firm looks to obtain VND2,172 billion in revenue and VND630 billion in after-tax profit, plunging 45.7% and 66.7% over the same period last year, respectively.

In April-June, it plans to produce 7,500 tons of yellow phosphorus, 15,000 tons of phosphoric acid 85%, 30,000 tons of phosphoric acid plant (WPA 50%), and a combined 24,000 tons of DAP and MAP fertilizer.

In the first quarter, the company posted around VND2.5 trillion in revenue and VND822.7 billion in after-tax profit, down 31.7% and 45.4% against the year-ago period. The poor business performance resulted from weak consumer demand on the domestic and global markets, said the firm.

It looks to obtain nearly VND10.9 trillion in revenue and VND3 trillion in profit after tax in 2023, equivalent to a year-on-year plunge of 24.7% in total earnings and 50.3% in net income.

Closing the session today, May 11, DGC gained 1.95% over the session earlier at VND52,200 per share, with a matching volume of nearly 3.3 million shares.

The VN-Index of the Hochiminh Stock Exchange eased off its winning streak, losing 1.14 points, or 0.11%, from the previous session to 1057.12 points, with 197 winners and 155 losers.

Trade volume totaled 708.3 million shares worth VND11.5 trillion, up 3% in value from the session earlier. Block deals contributed VND735.5 billion to the total value with 26.8 million shares changing hands.

Investors continued pinning hopes on small- and medium-cap, construction and real estate stocks. Active acquisitions pushed HQC, EVG, QCG, CTD, PTC, HAR, TDG, VPH, UDC and DIG up to their daily upper limits.

DIG took the lead by liquidity today with more than 35.7 million shares transacted and closed at VND20.450 per share.

On the Hanoi exchange, the HNX-Index gained 0.52 point, or 0.24%, versus the previous session at 214.41 points, with 107 advancers and 82 decliners.

There were 118.7 million shares valued at VND1.7 trillion traded on the northern bourse.

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