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Nafoods swings to profit in Q4

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Nafoods swings to profit in Q4

Nafoods Group JSC said its normalized net income for the fourth quarter came to 54.19 dong per share, compared with a loss of 639.36 dong per share in the fourth quarter ended Jan. 1, 2015.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.23 billion dong, compared with a loss of 2.90 billion dong in the fourth quarter ended Jan. 1, 2015.

The normalized profit margin rose to 0.8% from negative 5.0% in the year-earlier period.

Total revenue grew year over year to 171.59 billion dong from 57.69 billion dong, and total operating expenses rose year over year to 153.15 billion dong from 68.35 billion dong.

Reported net income totaled 8.23 billion dong, or 363.14 dong per share, compared to a loss of 4.70 billion dong, or a loss of 1,034.40 dong per share, in the fourth quarter ended Jan. 1, 2015.

For the year, the company's normalized net income totaled 889.71 dong per share, a fall of 70.2% from 2,984.20 dong per share in the prior year.

Normalized net income was 23.06 billion dong, an increase of 86.9% from 12.34 billion dong in the prior year.

Full-year total revenue grew 81.8% from the prior-year period to 530.73 billion dong from 292.00 billion dong, and total operating expenses grew 65.3% on an annual basis to 459.10 billion dong from 277.72 billion dong.

The company said reported net income grew year over year to 45.38 billion dong, or 1,751.11 dong per share, in the full year, from 18.60 billion dong, or 4,498.64 dong per share.

As of April 12, US$1 was equivalent to 22,295 dong.