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Phu Nhuan Jewelry swings to profit in Q1

Phu Nhuan Jewelry JSC said its normalized net income for the first quarter was 941.44 dong per share, compared with a loss of 119.94 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 92.52 billion dong, compared with a loss of 11.79 billion dong in the year-earlier period.

The normalized profit margin increased to 4.3% from negative 0.5% in the year-earlier period.

Total revenue decreased 12.9% year over year to 2.137 trillion dong from 2.454 trillion dong, and total operating expenses fell 15.5% on an annual basis to 1.968 trillion dong from 2.330 trillion dong.

Reported net income increased from the prior-year period to 114.53 billion dong, or 1,165.35 dong per share, from 4.10 billion dong, or 41.67 dong per share.

As of May 12, US$1 was equivalent to 21,710 dong.