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Thursday, July 25, 2024

Viet Thang’s Q1 profit nosedives

The Saigon Times

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HCMC – Viet Thang Corporation, which trades its TVT shares on the Hochiminh Stock Exchange (HOSE), saw its net profit in the first quarter slumping by a staggering 91% versus the year-ago period, according to its consolidated earnings report.

The firm posted VND2.1 billion in profit after tax between January and March. Its revenue dropped by 11.5% year-on-year to VND383 billion.

A company official attributed the sharp decrease in income to unfavorable business conditions, as demand for apparel products weakened in major markets such as the U.S. and Europe.

Viet Thang is a member company of the Vietnam National Textile and Garment Group.

This year, the firm looks to obtain VND1.2 trillion in revenue, VND406 billion lower than in 2022, while it expects its profit before tax to range from VND30 billion to VND50 billion.

It plans to produce 11,384 tons of yarn and 61.8 million square meters of rustic fabric, down 19.1% and 2.3% compared to 2022, while increasing finished fabric production by 13% to 7.2 million square meters.

TVT closed the trading session today, May 24, at the reference price of VND26,500 per share.

The VN-Index of the Hochiminh exchange continued moving sideways with a slight decrease of 0.38%, or 4.06 points from the previous session, at 1,061.79 points.

The southern bourse saw 168 stocks rising and 215 others dipping, with 794 million shares worth nearly VND13.8 trillion changing hands, up 10% in volume and 7% in value day-on-day. Block deals contributed VND2.4 trillion to the overall value with 111 million shares traded.

A sell-off of bluechips sent the VN30-Index tumbling. With 23 decliners, the VN30-Index closed the day at 1,061.55 points, 0.61%, lower than the session earlier.

Lender STB decreased 2% at VND27,400 per share. VNM, POW, VIB, TCB, GVR, HPG and CTB lost 1% to 1.8%.

Many small- and medium-cap, construction and real estate stocks rose to their daily upper limits, including ITA, EVG, NHA, ST8, TDH, VNE, TDC and HHP.

Securities broker VND continued taking the lead by liquidity on the southern market today with more than 38.5 million shares traded, but it finished the day down 2.1% to VND16,100 per share.

On the northern bourse, the HNX-Index added 0.17 points, or 0.08%, from Tuesday to 215.96 points, with 75 winners and 86 losers.

Trade on the northern market amounted to nearly VND1.5 trillion with more than 90.6 million shares changing hands.

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