PNJ is profitable again after 3 consecutive months of losses

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PNJ said the company’s October net revenue reached VND 2,080 billion, up 13.8% over the same period last year; profit after tax reached 120 billion dong. This profit decreased by 31% compared to the same period last year but was positive again after 3 consecutive months of losses.

Also according to PNJ, in October, the company’s gross profit margin reached 17.8%, significantly down from 21.8% in the same period last year. Total costs also increased by 23.4%, causing a decrease in profit.

In the first 10 months of 2021, PNJ recorded net revenue of VND 14,594 billion, up 8.1%. With this result, PNJ has completed 69.5% of the 2021 plan.

Regarding revenue growth by channel, PNJ’s cumulative retail sales in the first 10 months of 2021 grew by 8.6% over the same period despite being severely affected by business activities from the end of the second quarter and throughout the third quarter. 2021. Cumulative gold bar revenue in 10 months of 2021 grew by 15.7%. On the other hand, wholesale revenue decreased by 5.5% over the same period last year.

In 10 months, PNJ recorded a profit after tax of VND 697 billion, down 14.6% compared to the same period in 2020, completing 56.7% of the 2021 plan.

PNJ’s report also said that in the 10 months of 2021, PNJ opened 18 new PNJ Gold stores, closed 18 PNJ Silver stores, and 1 CAO store. While Pandora brand reached the first 10 stores in major cities.

Source: vietnamfinance.vn – Translated by fintel.vn