A PetroVietnam Power facility. (Photo pvpower.vn) Hanoi (VNS/VNA) - A number of listed companies have announced lower earnings in April after closing for half of the month.
PetroVietnam Power Corporation (PV Power) estimated revenue in April reached 2.41 trillion VND (103.7 million USD), fulfilling 81 percent of its monthly target.
This resulted in a 4 percent annual decrease in total revenue after four months to 10.3 trillion VND – equal to 30.4 percent of the annual goal.
Retail giant Mobile World Investment Corporation (Mobile World) reported April revenue fell a fifth from the 9 trillion VND recorded in April 2019.
The company explained that some of its stores were closed to fight COVID-19 while sales in April fell as demand for air conditioners dropped due to weather.
Mobile World recently lowered its full-year earnings target by 10 percent in total revenue and 30 percent in total profit for 2020.
Seafood processor Nam Viet Corporation, pharmaceutical firm Imexpharm, and textile companies Thanh Cong Textile and Garment Investment Trading JSC and TNG Investment and Trading JSC are among the others to post lower earnings in April.
Those companies are expecting their earnings to pick up in May and the following months as domestic consumption and international markets return to normal.
On the other hand, some companies reported profits despite the disease and lockdown such as Hai Phong Thermal Power JSC.
The northern thermal power firm announced profit in April of 103 billion VND, beating the month target by 4 billion VND despite output falling by 7 percent than targeted.
In the first four months, Hai Phong Thermal Power made 397 billion VND in profit, fulfilling 42 percent of its annual target.
Steelmaker Hoa Sen announced its revenue in April hit 2.23 trillion VND with profit of 90 billion VND.
Seven months into its fiscal year, which runs from October 1 to September 30, Hoa Sen estimated its total revenue was 14.6 trillion VND – fulfilling half of its yearly plan. The firm estimated profit of 472 billion VND, beating its forecast by 18 percent.
Technology group FPT posted 13.5-16.8 percent annual growth in revenue and post-tax profit in the first four-month period, which reached 8.84 trillion VND and 1.30 trillion VND, respectively.
Though corporate earnings were mixed in April, companies are expected to disclose business information on a monthly basis to inspire investor confidence in their corporate governance, while dealing with rumours that could negatively affect their results and share performances./.
VNA
