Seafood processor sees revenues, profits slump

By Tat Dat   October 22, 2022 | 01:08 am PT
Seafood processor sees revenues, profits slump
Workers process seafood at a factory of Vinh Hoan. Photo courtesy of the company
Vinh Hoan Corporation, a leading catfish exporter, reported steep falls in revenues to VND3.26 trillion (US$135.8 million) and after-tax profits to nearly VND460 billion for the third quarter.

The profits were the lowest in the last four quarters.

In September revenues fell 28% from the previous month to VND917 billion, the lowest in eight months.

Meanwhile exports in September to the two main export markets, the U.S. and China, fell by
37% and 52% mainly due to high inflation and material shortage.

Vinh Hoan lost nearly VND80 billion by trading shares, including three kinds of real estate shares, in the first nine months. The shares of real estate firms Vinh Hoan bought, including NLG (Nam Long Investment Corporation), DXS (Dat Xanh Real Estate Services Joint Stock Company) and KBC (Kinh Bac City Development Holding Corporation) all plummeted.

From the beginning to the end of the third quarter, market prices of NLG, DXS and KBC decreased over 15%, more than 21% and 11%, respectively.

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