Hoa Tho Textile and Garment still achieved 87% of its annual profit plan despite a slight decline in nine-month results.

DNHN - Hoa Tho Textile and Garment's net revenue for the first nine months of the year decreased by 10% to VND 3,579 billion. The company's after-tax profit decreased by 34% compared to the same period last year, reaching 141 billion VND and achieving 87%

Hoa Tho Textile and Garment Group has just released its financial report for the third quarter of 2023, revealing a 9% decline in net revenue compared to the same period last year, to VND 1,269 billion. The quarterly gross profit decreased by 12% to VND 141 billion.

In the meantime, financial costs rose by 29 percent to 18 billion VND, while business management costs rose by 5 percent to 43 billion VND. Consequently, the company's profit after taxes reached nearly 60 billion VND, a decrease of 18% from the third quarter of 2022.

Hoa Tho Textile and Garment's net revenue for the first nine months of the year decreased by 10% to VND 3,579 billion. In contrast, financial revenue increased to nearly 55 billion VND, while financial expenses rose by 28% to 49 billion VND. The company's after-tax profit decreased by 34% compared to the same period last year, reaching 141 billion VND and achieving 87% of its annual profit target.

As of September 30, 2023, the total company assets amounted to 2,491 billion VND. Particularly, inventory represents the largest proportion of the asset structure, having decreased by 26% since the beginning of the year to reach 688 billion VND. However, the company's liabilities have increased from VND 1,510 billion at the start of the year to VND 1,609 billion, primarily due to a VND 1,362 billion increase in short-term debt.

In the first half of 2024, Hoa Tho Textile and Garment anticipates that the market situation will remain weak. Therefore, the company will concentrate on completing ongoing projects without increasing investment in production.

Hoa Tho Textile and Garment's HTG shares will be listed on the HoSE on October 31, 2023, with more than 36 million shares, a par value of 10,000 VND per share, and a total listed value of more than 360 billion copper. Vietnam Textile and Garment Group (Vinatex) currently holds 22,3 million shares, or 61.9% of the charter capital of the company.

P.V (t/h)