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Sunday, June 23, 2024

TCM’s net profit rockets 81% y-o-y in April

The Saigon Times

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HCMC – Thanh Cong Textile Garment Investment Trading JSC, whose TCM shares are traded on the Hochiminh Stock Exchange, posted an 81% year-on-year surge in net profit in April, according to its earnings report.

Though its revenue in the month plunged by 38% over the year-ago period, its profit after tax amounted to VND36 billion, soaring 81% year-on-year.

The firm attributed the sharp increase in profit to securities trading and receivables from its client, Sears and Kmart.

From January to April, it posted over VND1.1 trillion in revenue and over VND88 billion in profit after tax, dropping 27% and 4% compared to the same period in 2022, respectively.

Apparel sales were its main stream of earnings, accounting for 78% of the total, followed by textile (15%) and fiber (5%).

According to the company, rising inflation in the U.S. and European countries has caused consumers to tighten their spending, thus pushing down the demand for non-essential goods such as textiles and garments.

However, thanks to employing a diversification strategy, the company expanded to Asian markets such as China, Korea and Japan, which helps it reduce risk and increase export market share.

Around 54.3% of its products were shipped to Asia and 41% exported to America.

This year, the firm looks to increase its revenue by 1% over 2022 to VND4,364 billion, but decrease its net profit by 2% to VND274 billion.

Closing the trading session today, TCM inched down 0.2% from the session earlier to VND50,200 per share.

With 139 winners and 266 losers, the VN-Index of the Hochiminh exchange lost 4.79 points, or 0.45%, from the previous day, at 1,065.85 points.

Trade on the southern bourse edged up 1% in volume and 2.5% in value day-on-day, with 722 million shares worth over VND12.8 trillion changing hands. Block deals contributed more than VND1 trillion, with 53.3 million shares traded.

Securities broker VND took the lead by liquidity today with 46.1 million shares traded and finished the day up 1.5% to VND16,450 per share.

The northern market saw 81 advancers and 85 decliners. The HNX-Index closed at 215.79 points on the Hanoi Stock Exchange, a fractional 0.05% lower than the previous session.

There were 106.7 million shares valued at more than VND1.6 trillion traded on the northern bourse.

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