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VIC - Large one-off tax expenses hurt H1 bottom-line growth - Earnings Flash

VIC posted H1 2018 results with net revenue growth of 74% YoY to VND61.2tn (USD2.7bn) largely thanks to robust growth of property sales. However, NPAT-MI plummeted by 44% YoY to VND962bn (USD42mn), mainly due to (1) substantially higher tax expenses, including an undisclosed amount related to a transaction in which Vincommerce (a VIC’s subsidiary) sold its stake in Vinhomes (VHM) to institutional investors in Q2 2018 and (2) continuing headwinds in the consumer retail and hospitality segments.