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Real estate sales a big earner for Vingroup

Released at: 19:10, 16/02/2016

Real estate sales a big earner for Vingroup

Retail also a stand-out performer in group's consolidated report for Q4 2015.

by Ngoc Chi

Vingroup’s consolidated financial report for the fourth quarter of 2015 reveals consolidated total revenue of over VND14.3 trillion ($643.5 million), up 134 per cent compared to the fourth quarter of 2014, with contributions coming from Vinhomes, Vincom Retail, Vinpearl, Vinpearl Land, Vinschool, Vinmec, Vinmart, and VinPro.

Notably, revenue from real estate sales reached over VND10.18 trillion ($458.1 million), for a record growth rate of 131 per cent year-on-year.

Revenue from business center and office space rentals stood at VND695 billion ($31.27 million), a 31 per cent increase, revenue from hotels, tourism and entertainment was VND546 billion ($24.5 million), up 21 per cent, and revenue from hospital operations was VND247 billion ($11.1 million), up 60 per cent. 

In addition, by increasing the number and quality of its Vinmart and Vinmart+ supermarket chains, total revenue from retail during the quarter exceeded VND1.6 trillion ($72 million), a 443 per cent increase year-on-year.

In the retail sector Vingroup recorded pre-tax profits of VND962 billion ($43.3 million), up 60 per cent, and after-tax profits of VND421 billion ($18.9 million), up 27 per cent.

Vingroup launched a series of new projects in the final quarter of last year, such as Vincom Mega Mall Thao Dien in Ho Chi Minh City, Vincom Center Nguyen Chi Thanh in Hanoi, and Vincom Center Plazas in northern Hai Phong city, northern Phu Tho province, and the Mekong Delta’s An Giang province.

The five-star Vinpearl Ha Long Bay Resort, the Vinpearl Phu Quoc Resort & Golf Course, the Phu Quoc Vinpearl Safari Park, and the Vinmec Central Park International Hospital in Ho Chi Minh City were also launched in the closing months of the year.

In 2015 as a whole Vingroup earned consolidated revenue of over VND33.8 trillion ($1.52 billion), up 23 per cent compared to 2014.

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