The STC-listed International Food Joint Stock Co (coded IFS) has lately released the Q1 business reports with loss of 4 billion dong.
In details, the company reached total net revenue of 205 billion dong in Jan-March period, declining by 15 percent year-on-year, while consolidated profit of 42 billion dong, down 28 percent.
The financial costs reduced by 86 percent because the company borrowed money from foreign partners with preferential lending rates, but the financial revenue even declined more, equivalent to 2 percent of the same period last year, at 0.3 billion dong. Therefore, the financial profit saw a year-on-year decline of 143 percent.
In addition, the principal sales price remained at high level due to increasing trend in input material prices. The enterprise management costs declined by 36 percent because the company had to pay consulting charges for restructuring the company.
As the results, IFS suffered loss of 4 billion dong by the end of Q1, in comparison with last year’s profit of 10.6 billion dong.