VGS earns nearly 3b dong of profit in 6 months

Vietnam Germany Steel Pipe JSC (VG PIPE-coded VGS) has announced its reviewed consolidated financial statements for the first 6 months in 2012.

Cumulatively in 6 months, VGS reached 1.384 trillion dong, up 16.7 percent year-on-year. However cost of goods sold increased by 19 percent leading to a 32-percent decrease in profit.

VGS’s financial revenue rose by 6 billion in Q2 thanks to an increase in deposit interest. In Q2, VGS has been refunded over 3.2 billion dong of financial provisions.

Its pre tax profit was 3.3 billion dong, down 60 percent compared with H1/2011. VGS has completed 72 percent total revenue plan (1.9 trillion dong) and 23 percent total pre tax profit plan (14 billion dong).

 

Category: Business