Tra fish firms report sharp rises in second quarter earnings

Many listed tra fish (pangasius) businesses reported a surge in profits in the second quarter of 2019, partially thanks to share sales and export growth (Illustrative photo: VNA)

Vinh Hoan, one of the Vietnamese leading tra fish producers, enjoyed a year-on-year surge of 19 percent in after-tax profit, revealed the company’s consolidated financial statement. 

It collected more than 148 billion VND (6.36 million USD) in revenue thanks to selling the remaining shares in one of its affiliates, a year-on-year leap of 366 percent. After-tax profit of the firm in the first six months shot up nearly 700 billion VND, surging 64 percent from the same period last year.

Meanwhile, Nam Viet Corporation reported a net revenue of more than 1.06 trillion VND in the period, a year-on-year rise of 23 percent, thanks to growing export volume.

Export revenue of the company hit more than 837 billion VND, accounting for nearly 80 percent of the figure and up nearly 24 percent against the same period last year. The company’s after-tax profit exceeded 152 billion VND, 30 percent higher than in the second quarter of 2018.

In the first six months, the firm’s revenue stood at 1.97 trillion VND, up 17.3 percent year-on-year; while after-tax profit was 353 billion VND, a surge of 83 percent. 

Another major listed tra fish producer, the Cuu Long Fish Company, posted quarterly after-tax profit worth 58.7 billion VND, a year-on-year increase of 18.4 percent.

In the first half, the firm gained 817 billion VND in net revenue, rising 13.3 percent and its after-tax profit was 113 billion VND, 2.2 times the figure of the same period last year.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), as of the end of June, total tra fish export value hit more than 96.1 million USD, a year-on-year decline of 4.1 percent. 

VASEP forecast that tra fish exports will recover in Q3 as the festival seasons of importers approach.