Construction firm Ricons profit hits three year low

By Dat Nguyen   May 8, 2021 | 09:10 pm PT
Construction firm Ricons profit hits three year low
Construction buildings of Ricons in the northern province of Hung Yen. Photo courtesy of Ricons.
Construction company Ricons Group saw its post-tax profit plunging 28 percent to nearly VND24 billion ($1 million), the lowest quarterly figure since 2018.

Revenues, however, rose nearly 12 percent year-on-year to VND1.2 trillion, 98 percent of it from construction contracts.

The firm said management costs, which surged 58 percent to VND49 billion, cut into its profit.

Ricons’s post-tax profit had fallen 25 percent year-on-year to VND224 billion last year, far lower than competitors like Coteccons and the Hoa Binh Group.

The company, established in 2004, focuses on construction of urban complexes and infrastructure. It also produces household appliances like water heaters.

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