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Masan Group swings to profit in Q1

Masan Group Corp. said its normalized net income for the first quarter was 40.57 dong per share, compared with a loss of 38.40 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 45.47 billion dong, compared with a loss of 42.99 billion dong in the year-earlier period.

The normalized profit margin increased to 1.3% from negative 1.6% in the year-earlier period.

Total revenue increased 31.8% on an annual basis to 3.584 trillion dong from 2.719 trillion dong, and total operating expenses grew 26.1% on an annual basis to 3.153 trillion dong from 2.499 trillion dong.

Reported net income totaled 4.35 billion dong, or 3.88 dong per share, compared to a loss of 106.61 billion dong, or a loss of 95.22 dong per share, in the year-earlier period.

As of May 15, US$1 was equivalent to 21,765 dong.