Mobile World Investment Corporation (stock code: MWG) has just announced its consolidated financial report for the third quarter.
Notably, the company owns phone, electronics, and food and fresh food retail chains with about VND22,065 billion deposited in the bank as of September 30. This figure is double that of the beginning of the year, helping the company record VND1,357 billion in interest on deposits.
Bach Hoa Xanh contributed 25.7% of revenue in 9 months to Mobile World Company (Photo: MWG).
In the third quarter, the company achieved revenue of VND30,521 billion, down 65% compared to the same period last year. Profit after tax was nearly VND39 billion, down 96% compared to the same period.
Explaining the decline in profits, the company said that the purchasing power of phones and electronics in general is still weak and has not shown any significant signs of recovery (except for some products due to seasonal factors). Customers still have the need to buy and replace damaged products but are more cautious and careful in making detailed decisions when the economic situation is still volatile.
For food, fast-moving consumer goods and pharmaceuticals, the trend of thrifty consumption is still taking place. However, due to the nature of essential goods, these industries are recording stable business results.
In the first 9 months, the company achieved revenue of VND87,581 billion and profit after tax of VND77.5 billion, down 16% and 98% respectively compared to the same period. This profit level is also the lowest since the company was listed on the stock exchange (2014).
Regarding revenue structure, Dien May Xanh chain contributes 48%, The Gioi Di Dong chain is 23.8%, Bach Hoa Xanh accounts for 25.7%.
With difficult business results, a series of Mobile World leaders did not receive salaries in the third quarter, including Mr. Nguyen Duc Tai - Chairman of the Board of Directors, Mr. Doan Van Hieu Em - Member of the Board of Directors, Mr. Tran Huy Thanh Tung - Member of the Board of Directors, General Director.
Meanwhile, Mr. Robert Willett - a member of the Board of Directors - had an income of more than 1 billion VND in the third quarter. In 9 months, he received an income of more than 2.1 billion VND, the highest in the Board of Directors.
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