Bookstore chain reports loss in Q1

By Hai Yen   May 5, 2021 | 12:12 pm GMT+7
Bookstore chain reports loss in Q1
A Phuong Nam Bookstore in District 1, HCMC. Photo courtesy of Phuong Nam Cultural Company.
Phuong Nam Cultural Company, the owner of Phuong Nam Book store chain, reported a VND1.4 billion ($60,800) pre-tax loss in the first quarter.

Revenues were up 9 percent year-on-year at VND130 billion, almost all of it from retail sales, with film production and book publishing contributing 1 percent.

But the company still lost due to high costs.

It recorded VND570 billion in revenue and VND6 billion in pre-tax profit last year, down 16 percent and 63 percent.

It blamed the steep fall in sales and profits to the impact of the Covid-19 pandemic and fierce competition from online book retailers and foreign-owned bookstores.

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