With 25 billion dong gross profit in 2011, Tuong An Vegetable Oil Joint Stock Co (coded TAC) fulfilled only 50 percent of the year’s target.
This result was also equal to only 29 percent compared to 2010′s actualised figure.
In the fourth quarter of 2011, TAC’s net revenue decreased nearly 3 percent to reach 1.075 trillion dong. Meanwhile, the original costs of goods for sale increased sharply, so its consolidated profit declined over 39 percent on year to reach nearly 89 billion dong. Therefore, the company’s consolidated profit ratio was only 8 percent while in the same period of previous year it was 13 percent.
The financial costs in the period also increased over 14 percent to account for 14.7 billion dong. Of which, expenditures for loans were 10.26 billion dong, approximately the same period of previous year.
Notably, TAC decreased significantly management and sale costs. However, it’s after tax profit still declined strongly 78 percent on year to reach 10.56 billion dong.
Accumulatively, in 2011, TAC recorded 4.432 trillion dong net revenue, 36 percent higher than the previous year. However, it’s after tax profit was equal to only 29 percent year-on-year at over 25 billion dong, fulfilling only 50 percent of the year’s after tax profit plan (50 billion dong).