Vinhomes profits almost triple

By Dat Nguyen April 28, 2020 | 12:00 am PT

A Vinhomes apartment complex in District 1, Ho Chi Minh City. Photo by Shutterstock/Evan_Unit01.

Vinhomes’ Q1 post-tax profit was up 2.7 times year-on-year to VND6.84 trillion ($291 million) apparently thanks to the profitable divestment of a subsidiary.

The company disclosed no details about the transaction. Its financial income tripled to VND8.59 trillion ($365 million).

Sales of housing units rose 11 percent to VND6.52 trillion ($277 million), mostly at the Vinhomes Marina apartment and villa complex in the northern city of Hai Phong.

The company's balance sheet shows a 3 percent rise in asset value to VND203 trillion ($8.6 billion); liabilities at VND130 trillion ($5.5 billion) and VND72 trillion ($3 billion) in equity.

Vinhomes accounts for about half of the revenues of its parent Vingroup, the largest private firm by market capitalization in Vietnam.