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Hanoi-Kinhbac Q1 profit falls YOY

Hanoi-Kinhbac Agriculture & Food JSC said its normalized net income for the first quarter came to 2.83 billion dong, a decrease of 26.3% from 3.84 billion 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 dropped to 1.6% from 2.0% in the year-earlier period.

Total revenue fell 11.7% year over year to 170.99 billion dong from 193.59 billion dong, and total operating expenses declined 11.3% on an annual basis to 165.15 billion dong from 186.11 billion dong.

Reported net income decreased 28.1% from the prior-year period to 3.45 billion dong, or 159.55 dong per share, from 4.79 billion dong.

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