The Board of Directors of Vietnam Rubber Industry Group (Code: GVR) has just issued a resolution on adjusting the 2023 business plan. In particular, the revenue target decreased by 12% to VND 24,243 billion. Profit before tax and after tax decreased by 19% and 21%, respectively, to VND 3,956 billion and VND 3,363 billion.
Regarding business results, in the third quarter of 2023, GVR recorded net revenue of VND 6,195.3 billion, an increase of 6% over the same period. Gross profit reached VND 1,234.5 billion, equivalent to a gross profit margin of nearly 20%. Profit after tax reached VND 493.6 billion, down half compared to the same period last year.
Despite adjusting the target, Vietnam Rubber (GVR) is still behind schedule for the year (Photo TL)
In the first 9 months of the year, GVR recorded consolidated revenue of VND14,500 billion, down 11% year-on-year. Profit after tax reached VND1,954 billion, down 44% year-on-year. With the above business results, GVR has only completed 60% of the revenue plan and 58% of the annual profit target.
Regarding the asset structure of Vietnam Rubber, at the end of the third quarter, the company recorded total assets of VND 79,587.1 billion, not much fluctuation compared to the beginning of the year. Cash and cash equivalents accounted for VND 5,534.4 billion. The company also has VND 10,769.2 billion in deposits at the bank.
In GVR's capital structure, payables account for VND 24,741.4 billion, equivalent to 31% of the total capital of the enterprise. Short-term debt accounts for only a small amount of VND 9,081.8 billion. Owner's equity accounts for VND 54,845.7 billion with accumulated undistributed profit after tax currently accounting for VND 6,109.3 billion.
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