Nam Viet Joint Stock Company (ANV), a famous unit in the field of pangasius export, has just announced that its business results for the first quarter of 2024 were not as expected.
Specifically, Nam Viet achieved revenue Nam Viet recorded revenue of VND 1,016 billion, down 12% over the same period. Gross profit reached VND 101 billion, only half of the same period last year. Financial revenue decreased to VND 5 billion.
Nam Viet (ANV) profit dropped 72% in the first quarter of 2024 (Photo TL)
Meanwhile, financial expenses still accounted for 25 billion, most of which was interest expenses at 22 billion. Sales expenses and business management expenses were reduced, accounting for 34 billion and 18 billion VND respectively. As a result, Nam Viet recorded a profit after tax of 17 billion VND, down 71.8% compared to the same period.
With the positive recovery scenario of the pangasius export market, Nam Viet set a revenue target of VND5,000 billion and pre-tax profit of VND360 billion. Thus, after the end of the first quarter, Nam Viet has only completed more than 20% of the revenue target and 8.3% of the annual profit plan.
By the end of the first quarter of 2024, Nam Viet's total assets reached VND 5,062 billion, a slight decrease compared to the beginning of the year. Of which, the current cash amount is only recorded at VND 41 billion and the deposit of VND 63 billion shows that Nam Viet's assets are showing signs of inflexibility.
In addition, inventories are currently accounting for VND2,309 billion, a slight decrease compared to the beginning of the year. The inventory price reduction provision currently accounts for VND17 billion. In the capital structure, Nam Viet is borrowing short-term VND1,754 billion, long-term debt accounts for VND173 billion. Owner's equity also accounts for VND2,865 billion.
Source: https://www.congluan.vn/nam-viet-anv-lai-quy-1-sut-giam-72-moi-hoan-thanh-8-muc-tieu-sau-3-thang-post297189.html
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