Vingroup nets $54.6bn profit in 2nd quarter
Vingroup nets $54.6bn profit in 2nd quarter
Vingroup (VIC) has announced a net profit of VND1.148 trillion (US$54.6 billion) for the second quarter, or 8 per cent more than that of the first quarter, of 2014.
Viet Nam's largest property developer and mall operator also announced it earned VND6.3 trillion ($300 million) in revenue from the transfer of real estate in the second quarter, which was 400 per cent more than that of the same period last year and 29 per cent more than that of the first quarter this year.
Most of its real estate revenue came from the group's handing over of apartments in Times City and Royal City here.
According to the group's consolidated financial report for the second quarter, net sales reached VND7.69 trillion ($366.2 million), or 25 per cent more than that of the first quarter and 258 per cent more than that of the same period last year.
The group also reported that in the second quarter, its profit before tax reached VND1.663 trillion ($79.3 billion), or 7 per cent more than that of the first quarter.
Apart from significant revenue from real estate transfers, the development of other core businesses contributed to the group's general growth. In particular, revenue from the leasing of shopping centers and offices reached VND532 billion ($25.3 million), or 33 per cent more than that of the same period last year.
Company revenue from hotels, tourism and entertainment spots reached VND569 billion ($27 million), a 35 per cent increase, while that from hospital services reached VND185 billion ($8.8 million), a 206 per cent increase from that of the same term last year.
As of June 30, the group's total assets reached VND83.8 trillion ($3.99 billion), an increase of VND8.03 trillion ($382 million) from that registered at the end of 2013.
Vingroup also announced plans to build 10 more Vinmec hospitals in major cities across the country in the next five years and establish a Vinmec Medical College in 2015.
Currently, the group has one Vinmec Hospital here and a clinic in HCM City. It launched a Vinmec Hospital on Phu Quoc Island last month.
On August 15, VIC shares were listed at VND75,500 ($3.6) each on the HCM City Stock Exchange.
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