The plunge in car sales caused HAX's profit in the first 9 months to reach only 14.5 billion VND, down 93% compared to the same period last year, the lowest since 2015.
The third quarter financial report of Mercedes car distributor - Hang Xanh Auto Service Joint Stock Company (HAX) - recorded net revenue of more than VND 1,100 billion, down 43% compared to the same period in 2022. Therefore, gross profit decreased by 45%, only nearly VND 65 billion.
Meanwhile, business management costs last quarter increased by 54% to nearly VND29 billion, causing HAX's net profit to decrease by 87% compared to the same period last year, to nearly VND8 billion.
In the first 9 months, the company's revenue reached more than 2,900 billion VND, down 44% compared to the same period in 2022, the lowest in the past 7 years. Of which, revenue from car sales decreased by 48%, to more than 2,500 billion VND.
The sharp decrease in revenue resulted in HAX's net profit falling to only VND14.5 billion, down 93% compared to the same period last year, the lowest since 2015.
According to HAX's explanation, the demand for luxury cars has not improved significantly because consumers tend to wait for more positive signals from the economy . Therefore, car sales and profits plummeted in the first 9 months of the year.
This year, the company plans to achieve a total pre-tax profit of VND310 billion for the parent company. Compared to the plan, HAX has only achieved nearly 8% of its profit target after 9 months.
As of September 30, HAX's total assets reached more than VND 1,840 billion, down 29% compared to the beginning of the year.
The company's total liabilities decreased more sharply than its assets, down 56% from the beginning of the year to nearly VND713 billion. Of which, short-term debt decreased by 55% to more than VND520 billion. The company no longer has a VND180 billion bond debt because it has been converted into shares.
Thi Ha
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