Phu Nhuan Jewelry’s 1Q after-tax profit at $22.2 mln, up 26%

Khanh Minh Friday | 04/23/2021 11:13

Photo: Vietnambiz.vn

Phu Nhuan Jewelery, the largest jewelry retailer in Vietnam, reported 1Q after-tax profit at VND513 billion ($22.2 million), up 26% from a year earlier, according to the company’s consolidated earning report.

With the business result, the jewelry firm has completed 42% of whole-year post-tax profit goal. Revenue in the first three months of the year jumped 44% year-on-year to VND7,812 billion ($339 million).

The growth came from the bright business results of wholesale and retail sectors. The results has helped PNJ to fulfill 34% of 2021 revenue target.

Explaining the growth in both revenue and profit, PNJ said that in the first quarter of 2021, the market purchasing power began to flourish and recovered stronger than the same period in 2020 when the market was badly affected by the COVID-19 pandemic.

As of end of the first quarter of 2021, PNJ’s total assets fell by VND347 billion ($15 million) to VND8,136 billion ($352.5 million). The company's inventories decreased by 2% to VND6,420 billion ($278 million), accounting for 79% of total assets.

► Jewelry firm PNJ to issue 15 mln shares to raise capital