Saturday , September 30 2023

Vincom Retail posts 45 pct decline in profit

Vincom Retail saw its post-tax profit last year plunging 45 percent year-on-year to VND1.32 trillion ($58 million) amid a lease reduction to support businesses affected by the pandemic.

The retail real estate arm of conglomerate Vingroup stated it had spent a total VND2.12 trillion on lease discounts last year to support tenants, which was the main reason its profit dropped.

Vincom Retail saw revenue falling 29 percent to VND5.89 trillion, as most of its Vincom malls in Hanoi and Ho Chi Minh City were forced to close or operated under restrictions in the third quarter when the fourth Covid-19 wave spread.

As all its malls reopened in the last three months, post-tax profit in the fourth quarter rose 408 percent from the third quarter to VND122 billion.

The company plans to launch three new malls in Hanoi and the southern localities of Bac Lieu and My Tho this year.

Its ticker VRE has risen 12 percent this year.

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