Vinhomes revenues double, but profits sharply down
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Property giant Vinhomes reported a 99 percent year-on-year rise in first-quarter revenues to VND12.9 trillion ($564.6 million).
But pre-tax profits were down 30 percent to VND7 trillion due to rising selling expenses.
At the end of last year, the company had claimed to have 16,800 hectares of lands for residential and commercial projects.
It recently received approval from the government to develop the Dai An urban area in the northern province of Hung Yen, which will spread over 294 hectares, cost VND32.6 trillion and be completed in 2027.
It plans to complete and hand over three other urban areas this year, one in Hung Yen and two in Hanoi.
Questions & Answers
Q.What was the main reason for Vinhomes' significant drop in pre-tax profits despite higher revenues?
What was the main reason for Vinhomes' significant drop in pre-tax profits despite higher revenues?
Vinhomes' pre-tax profits fell by 30 percent, largely attributed to an increase in their selling expenses during the first quarter.
Q.How large is the new urban area Vinhomes recently received government approval for?
How large is the new urban area Vinhomes recently received government approval for?
The approved Dai An urban area, located in Hung Yen province, will cover an area of 294 hectares and is scheduled for completion in 2027.
Q.Where are the urban areas Vinhomes intends to complete and hand over this year located?
Where are the urban areas Vinhomes intends to complete and hand over this year located?
Vinhomes plans to complete and hand over three urban areas this year: one is in Hung Yen province, and the other two are situated in Hanoi.