Businesses began announcing their first quarter 2024 business results and were surprised when many units had extraordinary profits.
For example, Hang Xanh Auto Service Joint Stock Company (stock code HAX) announced its consolidated financial report for the first quarter of 2024 with revenue of over VND 1,037 billion, an increase of more than 4% over the same period last year. Notably, the company's after-tax profit reached nearly VND 31.8 billion, more than 9 times higher than the profit of only VND 3.5 billion in the first quarter of 2023. According to the explanation, the first quarter profit increased because Haxaco was successful in implementing business strategies suitable for the difficult economic period, especially for the automobile business market. At the same time, a significant decrease in interest expenses along with a reduction in fixed costs contributed to optimizing Haxaco's profits in the first quarter of 2024.
Thai Nguyen Iron and Steel Company has high profit in the first quarter of 2024 while in the same period it suffered heavy losses.
Or the leaders of Bibica Joint Stock Company (stock code BBC) also shared with shareholders that they achieved net revenue in the first quarter of this year of nearly 360 billion VND and pre-tax profit of 17.4 billion VND, an increase of 152% in revenue and 5.8 times in profit compared to the same period last year. The positive results were due to the good seasonal situation for the confectionery industry, in which the Tet holiday in January accounted for a significant part. In addition, the recovery of the macro economy and the improved consumption situation of fast-moving consumer goods contributed to the remarkable growth.
Many businesses report sharp increase in profits
Meanwhile, Hai Phong Thermal Power Joint Stock Company (stock code HND) has just announced its business results for the first quarter of 2024 with revenue of VND 2,788 billion, up 8.8% over the same period last year. According to the explanation from Hai Phong Thermal Power, the unit's revenue increased due to an increase of 519 million kWh in electricity production. The company's expenses did not fluctuate much compared to the same period last year. The results helped Hai Phong Thermal Power's after-tax profit reach VND 154.7 billion, 15.3 times higher than in the first quarter of 2023.
Another company in the same electricity industry also reported a multi-fold increase in profits in the last quarter, Pha Lai Thermal Power Joint Stock Company (stock code PPC). PPC achieved revenue of VND1,996 billion and profit after tax of VND157.4 billion, up 52% and 295% respectively compared to the same period last year. Cost of goods sold did not increase as much as revenue, along with a sudden financial income from receiving dividends, which helped the company's profits jump.
Similarly, this steel company also surprised many investors when it reported a sharp increase in profits. That is Thai Nguyen Iron and Steel Corporation (stock code TIS) reported consolidated revenue in the first quarter of this year reaching VND 2,182.6 billion, down 11% compared to the same period last year. Notably, the company's after-tax profit skyrocketed by nearly VND 5.7 billion while in the first quarter of 2023 it suffered a loss of nearly VND 18 billion...
Source: https://thanhnien.vn/nhieu-doanh-nghiep-bao-loi-nhuan-tang-dot-bien-185240417143818808.htm
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