Vincom Retail profits nearly triple in Q1
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Mall operator Vincom Retail has reported after-tax profits of VND1.02 trillion (US$43.4 million) for the first quarter, a 2.7-fold rise year-on-year, amid a recovery in consumption.
It was 23% up quarter-on-quarter, the company’s consolidated financial statements showed.
Vincom Retail reported revenues of VND1.94 trillion in the first quarter, an increase of 42%, with its mall business accounting for VND1.9 trillion.
The company targets profits of VND4.68 trillion on revenues of VND10.35 trillion for this year, up 69% and 41% from 2022.
Vincom Retail, a subsidiary of conglomerate Vingroup, plans to open a mall each in Ho Chi Minh City and the northern province of Ha Giang, increasing its total number to 85 in 45 cities and provinces.
Questions & Answers
Q.What contributed most to Vincom Retail's revenue increase in the first quarter?
What contributed most to Vincom Retail's revenue increase in the first quarter?
The mall business was the primary driver of Vincom Retail's Q1 revenue. It accounted for VND1.9 trillion of the total VND1.94 trillion revenue reported for the quarter.
Q.How do Vincom Retail's first-quarter profits compare to its full-year profit target?
How do Vincom Retail's first-quarter profits compare to its full-year profit target?
Vincom Retail achieved after-tax profits of VND1.02 trillion in Q1. This compares to their full-year target of VND4.68 trillion, which represents a 69% increase from 2022.
Q.How many new malls does Vincom Retail plan to open this year, and where?
How many new malls does Vincom Retail plan to open this year, and where?
Vincom Retail plans to open two new malls this year. One will be located in Ho Chi Minh City, and the other will be in the northern province of Ha Giang.
Q.By how much does Vincom Retail expect its full-year revenues to increase compared to 2022?
By how much does Vincom Retail expect its full-year revenues to increase compared to 2022?
Vincom Retail is targeting full-year revenues of VND10.35 trillion. This represents a projected increase of 41% when compared to their revenues from the previous year, 2022.
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