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Vietnam National General Export-Import swings to profit in Q1

Vietnam National General Export-Import JSC No.1 said its first-quarter normalized net income amounted to 61.05 dong per share, compared with a loss of 129.29 dong per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 823.6 million dong, compared with a loss of 1.75 billion dong in the year-earlier period.

The normalized profit margin climbed to 0.3% from negative 0.5% in the year-earlier period.

Total revenue decreased 33.4% on an annual basis to 238.14 billion dong from 357.76 billion dong, and total operating expenses decreased 36.2% on an annual basis to 226.77 billion dong from 355.62 billion dong.

Reported net income fell 57.8% from the prior-year period to 1.32 billion dong, or 97.67 dong per share, from 3.12 billion dong, or 230.41 dong per share.

As of April 22, US$1 was equivalent to 21,586 dong.