Vingroup’s Q3 post-tax profit doubles to $61.8 million

Xuan Thinh Friday | 10/30/2020 10:11

VinFast sold a total 3,600 cars in September. Photo by VnExpress/Ngoc Tuan.

Vietnamese conglomerate Vingroup reported third quarter after-tax profit at VND1,436 billion ($61.8 million), up 102 percent year-on-year, according to consolidated earning report.

Consolidated third quarter revenue rose 14 percent to VND35,914 billion ($1.54 billion), mainly focusing on handing over in 3 major Vinhomes projects.

Revenue and profit increased since its real estate arm Vinhomes handed over three major projects to customers.

In the quarter, Vinhomes had 2,400 apartments ordered in just three days, setting a new sales record in the real estate market in Ho Chi Minh City.

However, revenue from real estate leasing and related services in the quarter reached VND1,786 billion ($76.8 million), down 15 percent year-on-year, affected by the Covid-19 pandemic.

Revenue from tourism and entertainment businesses in the third quarter reached VND1,206 billion ($51.8 million), down 54 percent from a year earlier, while revenue from production activities reached VND4,768 billion ($205 million), up 125 percent.

Its car manufacturing arm VinFast sold a total 3,600 cars in September, the highest ever, while its VinSmart continued to maintain its market share in the top 3 best-selling smartphone brands in the third quarter.

In the Jan.-Sept. period, Vingroup’s after-tax profit fell 31 percent to VND2,837 billion ($122 million). Net revenue fell 19 percent to VND74,641 billion ($3.2 billion).

As of September 30, Vingroup's total assets reached VND430 trillion ($18.4 billion). VIC share price was traded at VND101,400 ($4.36) on Firday on Ho Chi Minh City Stock Exchange.

► Vinhomes’ Q3 revenues more than double to $1.14 billion