22:55 (GMT +7) - Tuesday 25/06/2019


Coteccons' 1H revenue just 39% of annual plan

Released at: 13:29, 21/07/2017

Coteccons' 1H revenue just 39% of annual plan

Illustrative image (Source: conteccons.vn)

Figure up 29.5% but short of expectations.

by Hai Van

Revenue of VND10.5 trillion ($461.9 million) posted by the Coteccons Construction Joint Stock Company (stock code CTD) in the first half of this year was up 29.5 per cent but represented just 39 per cent of its 2017 plan.

Revenue in the second quarter was VND6.1 trillion ($268.34 million), up 23.6 per cent year-on-year, while after-tax-profit was VND412 billion ($18.12 million), up 16 per cent y-o-y. After-tax-profit in the first half was VND713 billion ($31.36 million), up 20 per cent year-on-year.

Construction contracts were the main source of revenue, with revenue from financial activities of VND85 billion ($3.7 million) being primarily bank interest.

Management expenses increased sharply, however, by 260 per cent, mainly due to a provision reversal while employee expenses and other expenses soared.

Its earnings per share (EPS) at the end of the first half was VND8,799 ($0.38), down sharply from the VND12,090 ($0.53) at the beginning of the year.

As at June 30, Coteccons’ inventory stood at over VND1.52 trillion ($66.8 million), an increase of nearly VND300 billion ($13.19 million) since the beginning of the year.

The company also has short-term receivables from customers of VND3.5 trillion ($153.96 million) and provisions of VND249 billion ($10.95 million) for short-term receivables.

It announced revenue in the first quarter of VND4 trillion ($176.2 million), up 27 per cent year-on-year and in line with expectations, according to Deputy General Director Tran Quang Tuan.

Total contracts were valued at VND8.7 trillion ($383.4 million) in the first quarter, including in the second stage of the Ho Tram project, the Paihong factory, A&B Central Square Nha Trang, Dragonbay Ha Long, and Vinhomes Metropolis.

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