Garment Corporation 10 profit in the second quarter decreased by 38% over the same period

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Garment Corporation 10 profit after tax in the second quarter reached nearly 15 billion dong. Profit before tax in 6 months increased slightly by 1.6% to nearly 41 billion dong and completed 45% of the year plan.

Garment Corporation 10 (UPCoM: M10) in the second quarter reached nearly VND 712 billion in net revenue, down 31% over the same period last year. All sales revenue, service provision revenue and outsourcing revenue all decreased over the same period.

This period, COGS decreased by 31.3% to VND 621 billion. Gross profit decreased by 27.6% to 90.7 billion dong. Gross profit margin at 12.7% increased slightly compared to the second quarter of 2020 (12.2%).

Financial expenses were at nearly VND 5.9 billion, 3.4 times higher than in the second quarter of 2020 due to an exchange rate difference loss of more than VND 1.8 billion, while in the same period this part was reversed by more than 3.1 billions dong.

After deducting selling and administrative expenses, Garment 10 Corporation reported a 38% decrease in profit after tax to nearly 15 billion dong.

In 6 months, net revenue reached 1,433 billion dong, down 20.4% compared to the first 6 months of 2020. Profit before and after tax reached 40.8 billion dong and 33.8 billion dong, up 1, respectively. 6% and 2.8% over the same period. Thus, this enterprise has completed 45% of the whole year plan target approved by the General Meeting of Shareholders (VND 91 billion).

Unit: Billion VND.

Total assets as of June 30 stood at VND 1,823 billion, up 14.7% compared to the end of 2020. In which, short-term assets increased by 22% to VND 1,463 billion. Short-term receivables from customers stood at VND 408 billion, up 60%. Inventories increased by 16.8% to more than VND 875 billion.

Source: ndh.vn – Translated by fintel.vn