HUD1 Investment and Construction Joint Stock Co (HU1) have recently announced its consolidated fiscal statement in the first quarter of 2012 with revenue of 77.9 billion dong, down 11.6 percent over the same period last year.
However, its original costs of goods for sales decreased 16.7 percent to stay at 70.2 billion dong.
Till the end of Q1/2012, HU1′s consolidated profit was 7.7 billion dong, two fold increase from last Q1.
In Q1/2012, HU1 suffered a loss of 3.9 billion dong from financial activities. Its other profit reached 220 million dong, or one sixth over the same period last year.
It’s after tax profit was 434 million dong, rising 31 percent from Q1/2011.
Earlier, HU1 reported gaining 18.6 billion dong profit in Q4/2011.
According HU1, its profit in Q1/2012 fluctuated due to sales at adjacent house projects at Lot LK36, 39, 40 and 42, villas at Lot BT15, Van Canh new urban zone project (Hanoi), low-rise house project at Lot LK2, 3 and 4 and Dong Son new urban zone project (Thanh Hoa province).
In comparison with 2012′s plan, in Q1/2012, HU1 performed 11.6 percent of the year’s revenue plan and 3 percent of the year’s pre tax profit target.
In the period, HU1′s short term debts decreased nearly 100 billion dong, of which, the liabilities for sellers decreased 57 billion dong and short term loans declined 20 billion dong. Its costs for outstanding construction surged 20 billion dong.