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Saigon Fishing Net JSC Q1 profit falls YOY

Saigon Fishing Net JSC said its normalized net income for the first quarter came to 878.7 million dong, a decrease of 49.9% from 1.75 billion dong in the year-earlier period.

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

The normalized profit margin fell to 2.5% from 3.9% in the year-earlier period.

Total revenue fell 21.3% on an annual basis to 35.65 billion dong from 45.27 billion dong, and total operating expenses fell 18.9% from the prior-year period to 33.91 billion dong from 41.83 billion dong.

Reported net income came to 1.10 billion dong, compared with 2.19 billion dong in the prior-year period.

As of April 21, US$1 was equivalent to 21,585 dong.