Vingroup posts $109.6 million 3Q pretax profit from $1.36 billion revenue, up 35%

After-tax profit fell 54% to $30.8 million in the quarter.

In nine-month period, Vingroup’s overall revenue rose 10 percent year-on-year to $4 billion, and its after-tax profit increased by 41% percent to $177 million.

Real estate continued to bring in the big bucks for the company, with third quarter revenue from house handing over reached $661.3 million, an increase of 14% compared to the third quarter of 2018.

The revenue mainly came from large projects including Vinhomes Ocean Park, Vinhomes Skylake, Vinhomes Green Bay, Vinhomes Smart City, Vinhomes Star City Thanh Hoa and shopping centers of Vincom Retail.

As of September 30, Vincom Retail owns and operates 70 shopping centers in 39 provinces and cities nationwide. Vincom Retail is opening of 9 new shopping centers, including 6 Vincom Plaza and 3 Vincom +.

In the quarter, retail sales reached $341.3 million, an increase of 66% over the same period last year. The conglomerate has 2,650 VinMart, VinMart + and VinPro stores, up 57% over the same period last year.

The group continues to make progress in the process of becoming a Technology-Industry Group. After VinFast Klara, VinFast has launched two lines of Impes and Ludo electric motorbikes with urban sports style and implemented a system of convenient battery changing stations across the country with nearly 1,500 stations in 32 provinces.

As of September 30, Vingroup's total assets reached $15.4 billion, up 24% compared to the end of 2018.