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Vinh Hoan Corp swings to profit in Q2

Vinh Hoan Corp. said its normalized net income for the second quarter came to 729.77 dong per share, compared with a loss of 296.55 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 67.44 billion dong, compared with a loss of 67.54 billion dong in the year-earlier period.

The normalized profit margin climbed to 4.2% from negative 4.6% in the year-earlier period.

Total revenue rose 16.2% on an annual basis to 1.690 trillion dong from 1.454 trillion dong, and total operating expenses climbed 14.3% on an annual basis to 1.562 trillion dong from 1.367 trillion dong.

Reported net income increased 35.1% year over year to 84.38 billion dong, or 913.00 dong per share, from 62.47 billion dong, or 274.28 dong per share.

As of Aug. 14, US$1 was equivalent to 22,103 dong.