Illustrative photo (Photo: Vietnam Finance)
 
Hanoi (VNA) - Eighty-six percent of firms listed on the Hanoi Stock Exchange (HNX) posted profits during the first quarter of this year, the northern bourse has announced.

According to the reports, 319 companies posted profits with a combined after-tax profit value of 4.02 trillion VND (176 million USD) recorded in Q1, an increase of 13.3 percent over the same period last year.

However, 51 companies suffered losses totalling 127.3 billion VND, a rise of 4 percent in the numbers of companies but a decline of 32.9 percent in loss value over the same period last year.

This means that HNX businesses achieved a net profit of 3.89 trillion VND in the first quarter, up 15.9 percent year-on-year.

During Q1, 22 enterprises in the finance sector showed the best business results. Although the number of the finance companies accounted for only 7 percent of total profitable firms, they generated a combined profit of 1.35 trillion VND, up 47.2 percent against 2016 and accounting for 34 percent of all profit value.

Among the 22 mentioned firms, the Asia Commercial Bank (ACB) recorded post-tax profit of 478 billion VND in the first quarter of 2017, a remarkable growth of 54 percent year-on-year. Meanwhile, the Sai Gon-Hanoi Joint Stock Commercial Bank (SHB) earned 245 billion VND in Q1, up 0.3 percent against the same period of 2016.

Twelve real estate businesses were the runners-up with a combined profit of 299.2 billion VND, up 83 percent year-on-year. Next were construction enterprises whose post-tax profits climbed by 35.8 percent year-on-year.

Of them, Vinh Phuc Infrastructure Development Joint Stock Company reported post-tax profit of 34.09 billion VND, a surge of 369 percent year-on-year. During the period, C.E.O Investment Joint Stock Company obtained post-tax profits of 35.97 billion VND, up 65 percent year-on-year.

The solid business results were attributed to favourable market conditions during Q1, with exciting trading activities. In addition, real estate and construction companies also strongly promoted the trading of real estate projects and related services.

Industrial companies accounted for the largest ratio among the losers, suffering a combined loss of 40.2 billion VND, or 32 percent of all losses.

Sai Gon Cement Joint Stock Company (SCJ) suffered a loss of 15.6 billion VND during Q1, triple the loss value of same period of 2016. The Petroleum Real Estate Joint Stock Company (PVL) reported a loss of 2.1 billion VND, down 30 percent year-on-year.

Mineral, oil and gas enterprises were next with a loss value amounting to 21 percent of all losses.

They were followed by accommodation, restaurant and catering service businesses, which had a combined loss of 17.7 billion VND.-VNA