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Phuoc Hoa Rubber Q1 profit falls YOY

Phuoc Hoa Rubber JSC said its normalized net income for the first quarter came to 361.25 dong per share, a decrease of 52.5% from 759.92 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 28.35 billion dong, a decline of 52.5% from 59.65 billion dong in the prior-year period.

The normalized profit margin declined to 8.8% from 14.9% in the year-earlier period.

Total revenue fell 32.5% on an annual basis to 270.32 billion dong from 400.70 billion dong, and total operating expenses fell 24.1% on an annual basis to 245.85 billion dong from 323.87 billion dong.

Reported net income decreased 49.1% on an annual basis to 39.04 billion dong, or 497.34 dong per share, from 76.69 billion dong, or 977.06 dong per share.

As of May 11, US$1 was equivalent to 21,710 dong.