Ninh Van Bay Tourism and Real Property Joint Stock Co (STC-listed NVT) released the Q1 financial reports with loss of 4.2 billion dong, in comparison with profit of 18 billion dong in the same period last year.
In details, the company’s Q1 net revenue was posted at 55 billion dong, declining by 34 percent year-on-year, while principal sales cost rose by 7 percent, resulting in combined profit of 30.3 billion dong, reducing by half year-on-year.
In addition, the costs increased sharply, therefore, despite the pre-tax profit of 3.4 billion dong, after deducting the taxes, NVT suffered from net loss of 4.2 billion dong.
It’s the third consecutive quarter that NVT reported loss. In Q3 and Q4 of 2010, the company suffered from loss of 5.6 billion dong and 12.6 billion dong respectively.
In 2011, the company aimed to reach total revenue of 260 billion dong and after tax profit of 40 billion dong.