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Vietnam Manufacturing & Export Q1 loss narrows YOY

Vietnam Manufacturing and Export Processing (Holdings) Ltd said its normalized net income for the first quarter was $1.3 million, compared with a loss of $1.4 million in the prior-year period.

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

The normalized profit margin declined to negative 3.5% from negative 3.2% in the year-earlier period.

Total revenue fell 16.9% on an annual basis to $37.6 million from $45.3 million, and total operating expenses declined 17.4% on an annual basis to $40.6 million from $49.1 million.

Reported net income totaled a loss of $2.2 million, compared with a loss of $2.3 million in the year-earlier period.