Kido Group’s after-tax profit plunges 89pct in 6 months

28-Jul-2018 Intellasia | Hanoi Times | 6:02 AM Print This Post

One of the reasons behind a sharp decrease in Kido Group (KDC)`s profit was the oneoff financial income in the first quarter in 2017 of VND531 billion (US$22.95 million), according to the group`s quarterly financial statement.

KDC, formerly known as Kinh Do Corporation and currently one of the leading food producers in Vietnam, said its after-tax profit in the second quarter was VND29 billion (US$1.25 million), bringing the six-month profit to VND47 billion (US$2 million), down 89 percent year-on-year, stated the group.

According to the report, the producer of food and flavors, reported its net revenue in the second quarter and the first half of 2018 at VND2.08 trillion (US$89.9 million) and VND3.77 trillion (US$162.9 million), up 17 percent and 23 percent year-on-year, respectively.

One of the reasons behind a sharp decrease in KDC’s profit was the oneoff financial income in the first quarter in 2017 of VND531 billion (US$22.95 million) and the depreciation and amortisation of goodwill resulting from the revaluation of Vietnam Vegetable Oils Industry Corporation (Vocarimex)’s assets after the consolidation of books in the JanuaryJune period.

Edible oil business has become KDC’s main source of revenue since its acquisition of 51 percent stake in Vocarimex in May 2017. Specifically, revenue from the sale of this product reached VND5.53 trillion (US$239 million) in 2017, up 690 percent year-on-year, followed by frozen food, ice cream and instant noodles with VND1.49 trillion (US$64.4 million), up 6.9 percent.

KDC’s biggest expense in the first half of 2018 was principal repayment of VND2.43 trillion (US$105 million), while interest payment reached VND77 billion (US$3.32 million). The group’s short- and long-terms payables stood at VND1.94 trillion (US$83.8 million).

http://www.hanoitimes.vn/economy/2018/07/81E0CA6A/kido-group-s-after-tax-profit-plunges-89-in-6-months/

 


Category: Stocks, Vietnam

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