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Hanoi-Kinhbac swings to profit in Q2

Hanoi-Kinhbac Agriculture & Food JSC said its second-quarter normalized net income came to 388.1 million dong, compared with a loss of 817.4 million dong in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 0.7% from negative 1.1% in the year-earlier period.

Total revenue declined 18.0% year over year to 58.93 billion dong from 71.85 billion dong, and total operating expenses declined 21.1% on an annual basis to 56.78 billion dong from 71.95 billion dong.

Reported net income totaled 282.7 million dong, or 12.96 dong per share, compared to a loss of 1.31 billion dong in the prior-year period.

As of July 23, US$1 was equivalent to 21,817.50 dong.