Masan’s nine-month net revenue more than doubles to $2.4bln

Masan Group reported net profit after tax post-minority interest at VND852 billion ($36.8 million) in the third quarter, down from a year ago, according to its consolidated earning statement.

The decrease in profit was due to the consolidation effects of VCM, increase in minority interest leakage due to dilution of Masan’s effective ownership in consumer goods unit, lower profits at mining arm, and higher interest expense, the group said.

Despite lower profit in the quarter, the Vietnamese conglomerate reported 9-month net revenue at VND55,618 billion ($2.4 billion), up nearly 111 percent from a year earlier, supported by the consolidation of newly acquired businesses and organic growth across all business segments.

Net profit after tax post-minority interest in the past three quarter was VND969 billion ($41.8 million), lower compared to previous corresponding period.

The CrownX, Masan’s integrated consumer-retail platform, reported net revenue at VND13,948 billion ($602 million) in third quarter, up 16 percent year-on-year. EBITDA margin expanded to 9.2 percent in the quarter, improving by 4.6 percent from a year ago

For the nine-month period, The CrownX delivered VND40,037 billion ($1.7 billion) in net revenue and posted an EBITDA margin of 6.3 percent.

Its Masan Consumer Holdings delivered 3 consecutive quarters of strong double-digit growth in net revenue which reached VND6,084 billion ($263 million) in the quarter, up 32 percent from a year earlier.

Robust innovation pipeline contributed 55 percent of Q3 revenue growth which management believes set the foundation for similar growth rates in the medium term.