GTNfoods reported a sudden third quarter profit, exceeding the year’s plan after 9 months

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GTNfoods’ business results in the third quarter continued to grow. With a profit after tax of 176 billion dong in the first 9 months of the year, GTNfoods has exceeded its annual profit target.

GTNfoods JSC (Ticker: GTN) has just announced the third quarter of 2020 financial statements with net sales of 776 billion dong, down 7% year-on-year.

During the period, cost of goods sold decreased by 26% to VND525 billion, resulting in a double gross profit over the same period. The profit margin accordingly improved to 32.2%, while the same period last year was 15%.

In addition, this business also recorded an additional 14 billion dong in financial revenue, mainly from interest on deposits and loans.

As a result, GTNfoods net profit of 33 billion dong in Q3, many times higher than 1 billion dong profit in the same period last year.

According to GTNfoods’ explanation, the business results were phenomenal thanks to the increased profit of the parent company and the profit of the member company indirectly owned by Moc Chau Dairy Cow Breed Joint Stock Company (Moc Chau Milk).

GTNfoods báo lãi quí III đột biến nhờ Mộc Châu Milk - Ảnh 1.

(Source: Minh Hang compiled from GTNfoods quarter III / 2020 consolidated financial statements).

In the first 9 months of the year, net revenue of the business reached 2,144 billion dong, down 6% from the same period last year; GTN shareholders’ EAT is 72 billion dong, while the net profit is 7 billion dong in the same period. Basic earnings per share (EPS) for 4 quarters reached 293 VND.

In 2020, GTNfoods targets consolidated net revenue of VND 2,909 billion, profit after tax of VND 99 billion. So over the first 9 months of the year, the company has achieved 74% of the revenue plan and exceeded 78% of the profit after tax plan.

Up to the end of the third quarter, total assets of GTNfoods were 4,183 billion, up 158 billion compared to the beginning of the year. In which, cash and term deposits are 2,316 billion dong, accounting for 55% of the asset structure and 17% higher than the beginning of the year.

Short-term receivables in the period of the business increased 98 billion VND, at 200 billion VND. Inventories fell 47% compared to the first day of the year, recording VND 140 billion, mainly down products.

The company’s liabilities 491 billion, an increase of 22 billion compared to the beginning of the year. GTNfoods has no financial debt.

Source: vietnambiz.vn – Translated by fintel.vn