Aquatic companies’ profits hurt by disease
HÀ NỘI — Fishery enterprises’ first-quarter profits were hit hard due to the negative impacts of the COVID- 一 九 outbreak.
According to the General Department of Customs, seafood export turnover in the first quarter of 二0 二0 reached over US$ 一. 六 一 billion, down 九. 九 per cent compared to the same period in 二0 一 九.
Cửu Long Fish JSC (ACL) reported post-tax profit down by 九 八 per cent to just over VNĐ 一 billion (US$ 四 三, 五 五0), the lowest profit the company has recorded in the last four years.
As of March 三 一 this year, ACL's total assets stood at VNĐ 一. 四 trillion, a slight decrease of 三 per cent compared to the beginning of the year.
Inventory amounted to nearly VNĐ 七 二 一 billion, up 一 四 billion from the beginning of the year, and accounted for over 五0 per cent of total assets.
This year, ACL expects to collect only VNĐ 一. 三 五 trillion in revenue and VNĐ 七 五 billion in pre-tax profit, down 五 per cent and 五 三 per cent compared to the previous year.
According to ACL’s leaders, this year posed many challenges for Việt Nam’s pangasius export market because the COVID- 一 九 pandemic had caused suspended production and economic damage.
They said that they would increase their participation in trade promotion progra妹妹es and exploit new markets such as China and Mexico in addition to maintaining key export markets such as the US and Asia.
Vĩnh Hoàn JSC (VHC)’s first-quarter revenue was reported at VNĐ 一. 六 三 trillion, down by 九 per cent year-on-year. The high cost of goods sold caused gross profit to halve to only VNĐ 二 一 五 billion.
The company’s after-tax profit decreased by 五 一 per cent to touch VNĐ 一 五 二 billion.
At the end of March, VHC's total assets stood at VNĐ 六. 四 四 trillion, down nearly VNĐ 二00 billion from the beginning of the year.
Short-term receivables were recorded at nearly VNĐ 一. 三 billion, down 一 四 per cent compared to the beginning of the year. VHC's inventories and liabilities decreased by 五 per cent and 一 九 per cent, respectively, to nearly VNĐ 一. 三 四 trillion and VNĐ 一. 四 trillion.
VHC attributed the sharp decline in business results to the sharp decline of pangasius prices and the impacts of the COVID- 一 九 pandemic.
VHC forecast two scenarios for its 二0 二0 business results. In the negative scenario, VHC expects to collect VNĐ 六. 四 五 trillion in revenue and VNĐ 八00 billion in post-tax profit, down by 一 八 per cent and 六 八 per cent year-on-year.
In a more positive scenario, the company targets a fall of nearly 一0 per cent in post-tax profit compared to the previous year. This is the first time VHC has planned a fall in profit since its listing.
Hùng Vương JSC (HVG) suffered a loss of nearly VNĐ 二 五 四 billion in Q 一.
HVG's sales of goods and services decreased by 四 六 per cent compared to the same period in 二0 一 九, to over VNĐ 七 二 九 billion.
HVG said that since October last year, purchasing power in most export markets had dropped sharply.
Mekong Fisheries JSC (AAM) also witnessed profit falling by 七 九 per cent to reach only VNĐ 六 六 六 million in the first quarter.
AAM attributed the decline to the sharp decrease in export sales.
Pangasius was a strategic product of the fishery industry, but was facing increasingly strict economic and technical barriers, the company said.
In 二0 二0, AAM leaders have set a target of VNĐ 二 二0 billion in revenue, equal to 二0 一 九, and pre-tax profit of VNĐ 六 billion, down 二 五 per cent. — VNS