House Vietnam Joint Stock Company (NVN) posted a 82 percent on year fall in its consolidated net profit to VND315 million in the second quarter of this year on slightly higher sales.
The company’s net revenue reached VND18.98 billion during the quarter, versus VND18.85 billion a year earlier, the firm said in its consolidated income statement posted on the Hochiminh Stock Exchange (STC)’s website.
The company attributed lower consolidated business result in the quarter to high costs for investments, advertisements and promotion of its subsidiary, which was established early this year.
In H1/2012, the house company made a net profit of VND1.2 billion on net revenue of VND37.25 billion versus VND3.14 billion and VND31.3 billion in H1/2011, respectively.
The STC-listed firm had total assets of VND707.2 billion at the end of the quarter from VND717.64 billion at the beginning of the year, according to its balance sheet.