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Tuesday, June 18, 2024

HAG’s net profit plunges in April due to flagging banana export orders

The Saigon Times

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HCMC – Hoang Anh Gia Lai JSC, whose HAG shares are traded on the Hochiminh Stock Exchange, posted a steep month-on-month decline in revenue and net profit in April, according to its earnings report.

The company gained revenue of VND563 billion in April. Of the total, husbandry contributed VND166 billion, up 2% against March, while revenue from banana sales and other income sources dipped by 16% and 23% against March, at VND248 billion and VND149 billion.

In the month, the firm sold over 35,100 pigs and shipped 15,150 tons of bananas abroad, down 19% over March.

As banana sales were the company’s main source of income, coupled with falling pork prices in the domestic market, it performed poorly in the month with net profit of VND32 billion compared to VND101 billion recorded in March.

HAG closed the trading session today, May 18, down 0.78% from the session earlier to VND7,640 per share with a matching volume of nearly 9.8 million shares.

With 205 winners and 162 losers, the VN-Index of the Hochiminh exchange added 7.87 points, or 0.74% against the previous session, to 1,068.31 points.

With 649.5 million shares worth over VND11.7 trillion, trade on the southern bourse contracted by 22% in volume and 10% in value day-on-day, including 58.6 million shares valued at around VND1.5 trillion transacted in block deals.

The VN30 basket saw 20 stocks rising and seven others dipping. The VN30-Index gained 8.66 points from the previous session to 1,070.66 points.

Bluechips VHM and VCH were the main drivers today as they gained 3% and 2.4% respectively, and contributed over four points to the main index.

Other good performers were VIB, TCB, VJC, GAS, BCM, SSI, and FPT. VIB rose 3.1% to VND21,450 per share, while others increased from 1% to 1.7%.

Real estate stock PDR suffered the sharpest fall as it lost 1.5% to VND13,200 per share. MWG, PLX, SAB, BID, BVH, and HDB inched down 0.1% to 1%.

Strong selling pressure drove DIG down to its daily low, at VND19,350, with over 33.8 million shares changing hands.

On the northern bourse, the HNX-Index of the Hanoi Stock Exchange moved sideways with a gain of 0.15%, or a fractional 0.07% from Wednesday, at 213.01 points.

There were 105.9 million shares valued at VND1.4 trillion traded on the northern market today, with 77 advancers and 80 decliners.

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