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Ha Long Canned Food Q1 profit falls YOY

Ha Long Canned Food JSC said its normalized net income for the first quarter came to 236.63 dong per share, a decrease of 63.8% from 654.26 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 1.18 billion dong, a decline of 63.8% from 3.27 billion dong in the year-earlier period.

The normalized profit margin fell to 1.2% from 4.3% in the year-earlier period.

Total revenue increased 32.1% on an annual basis to 99.32 billion dong from 75.19 billion dong, and total operating expenses increased 39.7% from the prior-year period to 97.40 billion dong from 69.71 billion dong.

Reported net income decreased 68.1% from the prior-year period to 1.49 billion dong, or 298.00 dong per share, from 4.66 billion dong, or 933.00 dong per share.

As of May 13, US$1 was equivalent to 21,740 dong.