Phu Nhuan Jewellery Joint Stock Co (PNJ) reported its consolidated financial statements for Q2/2012.
In Q2, both of its net revenue and cost of goods sold decreased by 65 percent year-on-year. Its consolidated profit was only 121 billion dong, down 14 percent.
According to PNJ, strong decrease in revenue was due to a fall in gold bars exports. In Q2, revenue from gold bars was 648 billion dong while the number in Q2/2011 was 1.225 trillion dong. In addition, there was no revenue from 24K gold export while this revenue in Q2/2011 was 2.287 trillion dong.
Its financial revenue increased and financial cost decreased but PNJ’s cost of goods sold and managerial costs increased.
Subtracting all costs and taxes, PNJ’s profit was only 39.5 billion dong, down 27 percent on year.
Cumulatively in 6 months, its revenue and cost price decreased by 55 percent year-on-year. Its consolidated profit fell by 11 percent down to 327 billion dong.
Pre tax profit and profit after tax of PNJ was respectively 160 billion dong and 131.5 billion dong. Its earning per share was 2.216 dong.
By June 30, 2012, its cash and cash equivalent decreased by 30 percent year-on-year, down to 319 billion dong.