Major seafood firm reports 25 pct profit fall
In this article (5)
It attributed the falling profit to a 20 percent drop in income from financial activities and a 27 percent increase in cost of goods sold during the period.
The company also said that the pandemic has changed consumer behavior in its main export markets like the U.S., Japan, Canada, Australia and New Zealand. They have prioritized buying essential products.
Seafood exports to these markets fell by half in the first quarter of the year, contributing to a year-on-year revenue drop of 12 percent to VND1.6 trillion.
The company aims to export $638 million worth of shrimp this year.
Its total asset value at the end of March was nearly VND7.4 trillion.
It has targeted revenues of VND15.7 trillion and post-tax profit of VND1.4 trillion this year.
Questions & Answers
Q.What specifically caused the company's profit to fall by 25 percent?
What specifically caused the company's profit to fall by 25 percent?
The profit fall was attributed to a 20 percent drop in income from financial activities and a 27 percent increase in the cost of goods sold during the period.
Q.Which specific markets experienced a change in consumer behaviour affecting the company?
Which specific markets experienced a change in consumer behaviour affecting the company?
The company's main export markets, including the U.S., Japan, Canada, Australia, and New Zealand, experienced changes in consumer behaviour, leading them to prioritise essential products.
Q.What were the company's revenue figures for the first quarter of the year?
What were the company's revenue figures for the first quarter of the year?
Seafood exports to its main markets fell by half in the first quarter, contributing to a year-on-year revenue drop of 12 percent, amounting to VND1.6 trillion.
Q.What are the company's financial targets for the current year?
What are the company's financial targets for the current year?
The company has targeted revenues of VND15.7 trillion and a post-tax profit of VND1.4 trillion for this year.
Reader pulse
What is the primary driver of the profit fall?
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