Leading food and animal feed producer Dabaco Group posted a net loss of over VND79 billion (nearly $3.35 million) in Q4 of 2022, recording its first decline in five years.
The loss was mainly due to unexpected lower pork prices. Pork prices based on live weight in late December 2022 decreased by 15-20% against the two previous months to nearly VND50,000 per kilogram, lower than the base level the company set for its yearly target.
The company earned net revenues of nearly VND2.93 trillion, for a year-on-year drop of 4%.
Dabaco made revenues of more than VND12 trillion and after-tax profits of VND150 billion last year, significantly lower than the targets of VND22.5 trillion in revenue and VND918 billion in after-tax profit set in the beginning of the year.
The company expects the biggest-ever revenue of VND24.562 trillion, and after-tax profits of some VND569 billion this year, 3.8 times higher than last year’s profits.
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