VEAM reports significant revenue slump hinh anh 1An automobile assembly line at Ford Vietnam's factory in northern Hai Duong province(Photo: VNA)
Hanoi (VNS/VNA) - The Vietnam Engine and Agricultural Machinery Corporation (VEAM) saw revenue slump 18 percent year-on-year to reach 910 billion VND (39.3 million USD) in the third quarter of this year.

It also reported nine-month revenue down more than 20 percent year-on-year to total 2.67 trillion VND.

VEAM makes engines, agricultural machinery, automobiles and motorbikes, possesses major stakes in three joint ventures, namely Honda Vietnam (30 percent), Toyota Vietnam (20 percent) and Ford Vietnam (25 percent).

Gross profit margin increased significantly year-on-year, reaching 11.8 percent while it was negative in the same period last year.

Financial revenue in Q3 totaled 259 billion VND thanks to huge cash and bank deposits. In the first nine months of this year, revenue was 742 billion VND, up by 18.9 percent same period last year.

As of the end of September, the amount of cash and bank deposits amounted to 17.7 trillion VND, an increase of 832 billion VND compared to the beginning of the year. VEAM's nine-month deposit interest amounted to more than 739 billion VND.

Profits earned from joint ventures and associates in Q3 reached 1.37 trillion VND, down 17 percent. The figure for nine months was 3.3 trillion VND, down 33.5 percent.

Despite reducing selling and administrative expenses, VEAM Q3's pre-tax profit still decreased by 7.3 percent over the same period last year, reaching nearly 1.63 trillion VND. The figure in nine months decreased by 23.5 percent, reaching nearly 4 trillion VND.

VEAM's consolidated post-tax profit in Q3 reached 1.58 trillion VND, down 9 percent year-on-year and that of nine months reached 3.85 trillion VND, down 25.2 percent over the same period last year.

Currently, the largest shareholder of VEAM is the Ministry of Industry and Trade, which holds 88.47 percent of capital, equivalent to 1.18 trillion VND./.