Shrimp processing giant posts large revenue increase
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Minh Phu Seafood, one of the country’s biggest shrimp processors, reported a 9 percent rise in revenues to over VND6.1 trillion ($269 million) in the first half of the year.
The HCMC company said however the pandemic is causing disruption in sales, especially in North America, its biggest market.
Its net profit rose nearly 20 percent to VND276 billion.
It received a VND336-billion import tariff refund after the U.S. in February withdrew an accusation that one of its subsidiaries, Mseafood, had violated anti-dumping regulations.
The company had to deposit the sum while it disputed the case.
Questions & Answers
Q.What was the main factor contributing to Minh Phu Seafood's significant net profit increase?
What was the main factor contributing to Minh Phu Seafood's significant net profit increase?
The company received a VND336-billion import tariff refund during the first half of the year. This refund was issued after the US withdrew an anti-dumping accusation against its subsidiary, Mseafood, in February.
Q.Which specific market is experiencing sales disruption for Minh Phu Seafood?
Which specific market is experiencing sales disruption for Minh Phu Seafood?
Minh Phu Seafood is currently experiencing sales disruption in North America. This region is identified by the company as its largest market, making the disruption particularly impactful on its operations.
Q.How much revenue did Minh Phu Seafood generate in the first half of the year?
How much revenue did Minh Phu Seafood generate in the first half of the year?
Minh Phu Seafood reported revenues of over VND6.1 trillion in the first half of the year. This figure represents a 9 percent increase compared to the same period in the previous year, showing growth despite challenges.
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