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Southern Seed Q1 profit falls YOY

Southern Seed JSC said its normalized net income for the first quarter came to 450.03 dong per share, a decline of 33.0% from 671.90 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 6.72 billion dong, a decline of 33.0% from 10.03 billion dong in the prior-year period.

The normalized profit margin fell to 8.2% from 9.7% in the year-earlier period.

Total revenue decreased 20.7% year over year to 82.10 billion dong from 103.52 billion dong, and total operating expenses declined 17.3% on an annual basis to 71.36 billion dong from 86.28 billion dong.

Reported net income declined 37.3% year over year to 10.10 billion dong, or 676.41 dong per share, from 16.12 billion dong, or 1,079.66 dong per share.

As of May 12, US$1 was equivalent to 21,710 dong.