Masan sees Q2 profits plunge 50 pct

By Hung Le    August 1, 2019 | 03:13 pm GMT+7
Masan sees Q2 profits plunge 50 pct
A customer examines Masan products on a supermarket shelf. Photo acquired by VnExpress.

Vietnamese food and agricultural giant Masan earned Q2 post-tax profit of VND1.19 trillion ($50.76 million), down 50.3 percent year-on year.

The corporation’s consolidated revenue for the second quarter fell 3 percent year-on-year to VND9.25 trillion ($394.57 million), its consolidated financial report shows.

According to Masan’s management, in the second quarter of 2018, the company received a VND1.47 trillion ($62.71 million) windfall from selling shares in subsidiary Techcombank, a major private lender, and as a result, saw an irregular increase in that quarter’s net profits.

Without any windfall in Q2 2019, the corporation’s income from financial activities fell 94.4 percent, to only VND86.6 billion ($3.69 million). The corporation now holds a 15 percent stake in Techcombank.

The management forecasts that revenues will increase 20-25 percent in the second half of this year, driven by growth in high-end food products, processed meat and beverages.

The company’s animal feed is expected to grow more slowly as it is threatened by the spread of African swine flu.

As of the end of June, the group’s total assets were valued at VND68 trillion ($2.9 billion), while liabilities accounted for nearly half of this figure.

The company’s MSN stock is included in Vietnam’s benchmark VN30-Index, a basket of 30 highest market cap stocks on the Ho Chi Minh Stock Exchange (HoSE). Masan operates in production of food and beverages, animal feed, and mining.

 
 
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