Minh Phu Seafood Group Joint Stock Co (MPC) has recently announced its consolidated business results for Q2 with net revenue of 1.625 trillion dong, up 68 percent from the same period last year.
However, its consolidated profit in Q2 increased only 30 percent year-on-year to reach 238 billion dong due to the costs on revenue increased from 80 percent to 85 percent.
Its revenue from financial activities increased eight billion dong to 18 billion dong but its financial costs also increased strongly from 51 billion dong to 92 billion dong, mainly due to loan interest rate.
In addition, its corporate administration costs increased over three times to 32.4 billion dong and the costs of goods for sale also increased 37 percent to 84 billion dong.
Therefore, its profit after tax (PAT) in Q2 fell 25 percent year-on-year to reach 37.8 billion dong. Previously, MPC announced the Q2 profit of the holding company at 210 billion dong. Thus, its consolidated profit was equal to only 18 percent of the holding company’s profit.
Totally in the first six months of this year, MPC’s PAT reached 86.7 billion dong, down 12 percent year-on-year with earnings per share (EPS) at 1,240 dong in H1.