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Saigon Fishing Net JSC Q4 profit falls YOY

Saigon Fishing Net JSC said its fourth-quarter normalized net income came to 1.81 billion dong, a decline of 36.6% from 2.85 billion dong in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 4.7% from 6.7% in the year-earlier period.

Total revenue declined 9.9% year over year to 38.31 billion dong from 42.50 billion dong, and total operating expenses decreased 6.6% year over year to 35.44 billion dong from 37.93 billion dong.

Reported net income totaled 2.31 billion dong, compared with 3.56 billion dong in the year-earlier period.

For the year, the company's normalized net income totaled 8.58 billion dong, an increase of 8.1% from 7.94 billion dong in the prior year.

Full-year total revenue declined 10.0% from the prior-year period to 145.28 billion dong from 161.41 billion dong, and total operating expenses declined 11.1% on an annual basis to 131.62 billion dong from 147.99 billion dong.

The company said reported net income came to 10.99 billion dong in the full year, compared with 9.91 billion dong in the prior year.

As of Jan. 18, US$1 was equivalent to 22,573 dong.