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Vinhomes’ Q3 revenues more than double to $1.14 billion

Khanh Minh Thursday | 10/29/2020 16:48

Photo: Vinhomes

Real estate developer Vinhomes reported third quarter revenues rose 2.4 times year-on-year to VND26.5 trillion ($1.14 billion) thanks to sales of thousands of units in three housing projects.

However, third quarter post-tax profit remained almost unchanged at VND6.1 trillion ($263 million) from a year earlier.

During the quarter, the real estate arm of the Vietnam’s largest private conglomerate Vingroup handed over nearly 10,400 apartments and other housing units to buyers at Vinhomes Grand Park in Ho Chi Minh City and Vinhomes Smart City and Vinhomes Ocean Park in Hanoi.

Revenue from property sales in the quarter jumped 67 percent to VND25.9 trillion ($1.1 billion), making revenue from property sales in the nine-month period grew 20 percent to VND60 trillion ($2.6 billion).     

For the nine-month period, the firm’s post-tax profit slightly fell to VND17.2 trillion ($743 million), while revenue rose 31 percent to VND49.4 trillion ($2.1 billion).

► Vinhomes to build $10bln property complex near natural wonder Ha Long Bay

► KKR looks to triple Vietnam investments after Vinhomes deal

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