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Sao Vang Rubber Q1 profit falls YOY

Sao Vang Rubber JSC said its normalized net income for the first quarter was 296.70 dong per share, a decrease of 42.4% from 515.27 dong per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 8.33 billion dong, a decline of 42.4% from 14.46 billion dong in the year-earlier period.

The normalized profit margin fell to 4.4% from 6.9% in the year-earlier period.

Total revenue declined 5.9% on an annual basis to 196.33 billion dong from 208.69 billion dong, and total operating expenses totaled 181.23 billion dong, compared with 182.26 billion dong in the prior-year period.

Reported net income fell 42.4% year over year to 10.39 billion dong, or 370.28 dong per share, from 18.05 billion dong, or 643.05 dong per share.

As of April 20, US$1 was equivalent to 21,582.50 dong.