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Wednesday, October 5, 2022

Truong Thanh Furniture establishes new branch in Binh Duong

The Saigon Times

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HCMC – Truong Thanh Furniture Corporation, which is listed on the HCMC bourse with the stock code TTF, has passed a plan to set up a new branch in the southern province of Binh Duong.

The new business is located in Lai Uyen Commune, Bau Bang District of the province.

The company picked Mai Vuong Duy Phuong as director of the Bau Bang branch.

As for its business performance, TTF saw its revenue in the first quarter of this year rising over 71% against the same period last year to reach over VND536 billion and its after-tax profit totaling at VND18.54 billion compared to the year-ago figure of minus VND39 billion.

In the first quarter, its gross profit soared 108% year-on-year to VND74.8 billion. Its financial costs surged over 780%, equivalent to an increase of VND20.8 billion to VND23.5 billion. Its selling and administrative expenses inched up 4.6% or VND2.4 billion to stay at VND54 billion.

Accordingly, its gross profit generated in the first quarter was not enough to cover financial costs, and sale and administrative expenses.

For 2022, TTF looks to earn over VND2.2 trillion in total revenues and VND72.7 billion in after-tax profit. Wrapping up the first quarter, TTF reached 25.5% of its target profit for this year.

On the HCMC bourse, TTF improved 0.91% to VND10,000 today, May 11, with over 3.2 million shares changing hands.

The benchmark VN-Index of the southern bourse extended rally, gaining 7.97 points, or 0.62% against the previous session at 1,301.53, with 294 winners and 143 losers. The HCMC market saw 415 million shares worth over VND11.4 trillion traded, declining over 37% in volume and over 35% in value over the session earlier.

The HNX-Index on the northern bourse also added 3.01 points, or 0.91% compared to yesterday to close at 333.04, with 114 advancers and 66 decliners.

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