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GTNFoods swings to loss in Q1

GTNFOODS JSC said its normalized net income for the first quarter amounted to a loss of 7.42 dong per share, compared with 34.28 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 a loss of 555.0 million dong, compared with income of 2.56 billion dong in the year-earlier period.

The normalized profit margin dropped to 1.5% from 8.5% in the year-earlier period.

Total revenue increased on an annual basis to 234.34 billion dong from 30.05 billion dong, and total operating expenses rose from the prior-year period to 234.69 billion dong from 24.07 billion dong.

Reported net income rose 15.0% on an annual basis to 9.32 billion dong, or 124.63 dong per share, from 8.11 billion dong, or 108.41 dong per share.

As of May 18, US$1 was equivalent to 21,792.50 dong.