Long Chau opened a series of stores, FPT Retail continued to lose money in the third quarter
FPT Retail (HoSE: FRT) achieved 3432 billion dong of net revenue in the third quarter, down 22.4% over the same period last year. Cost of goods sold this period decreased by 23.6% so gross profit decreased by 14% to VND 476 billion. In this period, finance income dropped 46% to 13.3 billion dong, while finance expense also dropped 44% to 21.9 billion dong. Selling expenses increased 9.8% while general and administrative expenses decreased 9.6%.
As a result, FPT Retail reported an after-tax loss of nearly 6.7 billion dong, while it still made a profit of 72 billion dong in the same period. The loss attributable to shareholders of parent company is 6.4 billion dong, 5 times higher than the same period last year. In the second quarter, FPT Retail also reported a net loss of nearly 18 billion dong.
The company explained that the loss was due to a drop in revenue and profit on a separate report because the Covid-19 global epidemic continued to affect the business situation while the purchasing power of the market decreased significantly for essential goods electromagnetic equipment and high value goods.
Long Chau pharmacy chain continues to open 126 more stores over the same period to 176 stores, which are in the stage of expansion investment, leading to increased investment costs, as shown by selling expenses increased 34 billion over the year last.
In the first 9 months, net revenue is 10729 billion dong, down by 13.7% YoY. Profit after tax decreased by 96% to only VND 9.2 billion. The loss attributable to shareholders of parent company is nearly 10 billion dong, 216 times higher than the same period.
Unit: VND billion.
Total assets as of 30/9 reached 4752 billion dong, down 28% from the beginning of the year. In which, cash and cash equivalents decreased by 42% to nearly 500 billion dong, mainly due to the reduction of the cash equivalent from 454 billion dong to only 10 billion dong. Inventory decreased 40% from VND 3399 billion to VND 2034 billion.
Liabilities decreased 33% to VND 3543 billion, mainly short-term with 3528 billion VND. FPT Retail’s short-term debt structure includes loans and financial lease debts of 2381 billion VND (67.5%), down 36% compared to the beginning of the year, in addition, payables to sellers is 668 billion, down 48 %.
Source: ndh.vn – Translated by fintel.vn
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