Vicostone reported a 38% drop in second-quarter profits due to the large market which was seriously affected by Covid-19
In the first 6 months, company revenue dropped by 1.6% and profit dropped by 16.6%. Vicostone’s main export markets are North America, Australia and Europe.
Vicostone Company (HNX: VCS) announced an estimated second quarter net revenue of VND 1,118 billion, down 20% compared to the same period last year; profit after tax of 255 billion, down 38%.
The company explained that the second-quarter revenue decreased year-on-year due to the impact of the Covid-19 pandemic, the major markets were seriously affected, the demand for social exclusion and the closure of the economy caused projects and public The process is stopped, the investment in new construction and renovation sharply decreases.
Export revenue accounts for 76% of Vicostone’s total revenue, key markets such as North America (USA and Canada), Australia, Europe account for 98% of total export revenue.
In the first 6 months, net revenue is about 2,486 billion dong, down by 1.6%; profit after tax 559 billion, down 16.6%.
In the last 6 months of the year, the company will continue to update market developments, promptly propose solutions to promote the inherent experience, resources and strengths of the people – the system – the technology optimize costs, improve competitiveness and maximize profits, try to achieve the planned targets in a cautious scenario approved by the General Meeting of Shareholders.
In 2020, an enterprise producing products from quartz stone sets a business plan based on two scenarios. In the optimistic scenario, the company plans a consolidated net revenue of VND 6,654 billion and pre-tax profit of VND 1,980 billion, an increase of nearly 20% compared to the previous year. In the conservative scenario, the planned net revenue is VND 5,632 billion, up 1.2%; Pre-tax profit of VND 1,669 billion, an increase of nearly 1%.
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