Da Nang Rubber (DRC): In the second quarter of 2021, profit increased by 121.3% to 106.2 billion dong

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(DTC) Da Nang Rubber Joint Stock Company (Stock code  DRC –  HOSE) has announced its financial report for the second quarter of 2021.

Accordingly, in the second quarter of 2021, DRC recorded revenue of VND 1,204.6 billion, profit after tax reached VND 106.2 billion, increasing by 52.7% and 121.3% respectively over the same period last year. In particular, gross margin increased from 14.9% to 18.8%.

During the period, gross profit increased by 93.1% over the same period, equivalent to an increase of VND 109.2 billion to VND 226.5 billion; financial revenue increased by 41.4%, equivalent to an increase of 2.9 billion VND to 9.9 billion VND; selling expenses increased by 107.4%, equivalent to an increase of VND 39 billion to VND 75.3 billion and other activities did not change significantly.

The company explained that its profit increased by 121.3% in the second quarter of 2021 due to the promotion of product consumption, increased revenue, increased profit.

Accumulated in the first 6 months of 2021, the business recorded revenue of 2,116.9 billion dong, profit after tax reached 169.9 billion dong, up 33% and 98.9% respectively over the same period last year.

It is known that in 2021, the enterprise expects net revenue of 3,852 billion VND, profit before tax is 300 billion VND, up 5.6% and 6.4% respectively compared to the implementation in 2020. Therefore, after the first 6 months of the year with pre-tax profit of 212.4 billion dong, the business completed 70.8% of the year’s profit target.

Although revenue increased strongly, operating cash flow was negative. Specifically, in the first 6 months of the year, the main operating cash flow was negative 51.3 billion dong compared to the same period and was positive to 381.7 billion dong.

As of June 30, 2021, total assets of DRC increased by 10.1% compared to the beginning of the year to VND 2,677.3 billion. In which, the main assets are inventories, reaching VND 1,064.5 billion, accounting for 39.8% of total assets; fixed assets reached VND 1,014.2 billion, accounting for 37.9% of total assets; short-term receivables reached 235.8 billion dong, accounting for 8.8% of total assets.

Notably, in the period, inventories increased by 35.1% compared to the beginning of the year, corresponding to an increase of 276.5 billion dong to 1,064.5 billion dong; short-term receivables increased by 80%, equivalent to an increase of 104.8 billion dong to 235.8 billion dong.

Closing the session on July 16, DRC shares increased by 550 dong to 28,050 dong/share.

Source: tinnhanhchungkhoan.vn – Translated by fintel.vn