Navifico (NAV) Q2 profit drops 33.3%, delaying 2023 profit plan

Nam Viet Corporation (Code NAV) operates in the field of manufacturing fiber cement roofing sheets, concrete components, and processing high-end wooden furniture for export. Nam Viet's business results in the second quarter recorded a sharp decline in both revenue and profit, showing a difficult business situation of this unit.

Specifically, the company's revenue in the second quarter reached 31 billion VND, down nearly 4.7 billion compared to the same period, equivalent to a rate of 13.2%. Profit after tax reached 2.6 billion, down 33.3% compared to the same period in 2022.

Nam Viet - Navifico Joint Stock Company (NAV) recorded a 33.3% decrease in Q2 profit (Photo TL)

Regarding the reason for the decline in business activities, Nam Viet explained that it was due to a decrease in business revenue. In addition, expenses including factory repair costs and land rental costs in 2023 increased compared to the previous year, also affecting business results.

In the first 6 months of the year, Nam Viet's revenue reached 67.4 billion VND, with after-tax profit of 5.5 billion VND. Compared to the business plan set at the beginning of the year with revenue of 65 billion VND, pre-tax profit of 15 billion VND, the company has now completed its revenue target but has only achieved 45.3% of the annual profit plan.

By the end of the second quarter of 2023, Nam Viet's total assets reached VND 113.5 billion. Of which, the company has VND 4.9 billion in cash and VND 49.5 billion in bank deposits. Accounts receivable from customers account for VND 28.2 billion.

Regarding Nam Viet's capital structure, the main source is equity with 107.1 billion VND, a slight decrease compared to the beginning of the year. The company currently has 14.9 billion VND in undistributed profit after tax. Nam Viet's debt accounts for only a very small amount with 6.7 billion VND. The company does not have any significant loans.

Source: https://www.congluan.vn/navifico-nav-loi-nhuan-quy-2-sut-giam-333-cham-ke-hoach-loi-nhuan-nam-2023-post257672.html