Vingroup’s assets to reach US$6 billion

Cost of sales and business management increased so the after-tax profit was only VND305 billion, down 75% from VND1,228 billion of the third quarter of 2014. 

In particular, revenue from the transfer of real estate dropped by almost 50% to VND3,339 billion.

According to the report, Vingroup’s net sales in the third quarter 2015 was VND7,251 billion, a slight decrease of 5%. Cost of sales and business management increased so the after-tax profit was only VND305 billion, down 75% from VND1,228 billion of the third quarter of 2014.

In particular, revenue from the transfer of real estate dropped by almost 50% to VND3,339 billion.

Vingroup Chairman - Billionaire Pham Nhat Vuong

By September 30, 2015, Vingroup’s total assets reached VND125,934 billion, equivalent to US$5.7 billion. Its equity reached VND31,620 billion, up by VND4,157 billion compared to 31/12/2014.

Some new businesses of Vingroup recorded high growth, such as revenue from supermarkets, convenience stores, and retail with VND1,324 billion compared to VND38 billion in the same period of 2014, accounting for 18%.

Revenue from construction services reached VND415 billion, accounting for 6% of total quarterly revenues.

Total net sales recorded in the first 9 months of 2015 was VND19,677 billion. Gross profit from business operations reached VND7,098 billion.

Profit after tax was VND998 billion, down 71% from VND3,445 billion in the same period in 2014.

Vingroup’s reduction in profit was due to its development in new business areas such as supermarkets, electronics, fashion ... leading to the increase of cost of sales and business management.

By the end of the third quarter 2015, Vingroup had 73 subsidiaries and invested in eight other firms.