86% of firms listed on HNX post Q1 profit growth
86% of firms listed on HNX post Q1 profit growth
Eighty-six per cent of firms listed on the Ha Noi Stock Exchange (HNX) posted profits during the first quarter of this year, the northern bourse has announced.
According to the reports, 319 companies posted profits with a combined after-tax profit value of VND4.02 trillion (US$176 million) recorded in Q1, an increase of 13.3 per cent over the same period last year.
However, 51 companies suffered losses totalling VND127.3 billion, a rise of 4 per cent in the numbers of companies but a decline of 32.9 per cent in loss value over the same period last year.
This means that HNX businesses achieved a net profit of VND3.89 trillion in the first quarter, up 15.9 per cent year-on-year.
During Q1, 22 enterprises in the finance sector showed the best business results. Although the number of the finance companies accounted for only 7 per cent of total profitable firms, they generated a combined profit of VND1.35 trillion, up 47.2 per cent against 2016 and accounting for 34 per cent of all profit value.
Among the 22 mentioned firms, the Asia Commercial Bank (ACB) recorded post-tax profit of VND478 billion in the first quarter of 2017, a remarkable growth of 54 per cent year-on-year. Meanwhile, the Sai Gon-Ha Noi Joint Stock Commercial Bank (SHB) earned VND245 billion in Q1, up 0.3 per cent against the same period of 2016.
Twelve real estate businesses were the runners-up with a combined profit of VND299.2 billion, up 83 per cent year-on-year. Next were construction enterprises whose post-tax profits climbed by 35.8 per cent year-on-year.
Of them, Vinh Phuc Infrastructure Development Joint Stock Company reported post-tax profit of VND34.09 billion, a surge of 369 per cent year-on-year. During the period, C.E.O Investment Joint Stock Company obtained post-tax profits of VND35.97 billion, up 65 per cent year-on-year.
The solid business results were attributed to favourable market conditions during Q1, with exciting trading activities. In addition, real estate and construction companies also strongly promoted the trading of real estate projects and related services.
Industrial companies accounted for the largest ratio among the losers, suffering a combined loss of VND40.2 billion, or 32 per cent of all losses.
Sai Son Cement Joint Stock Company (SCJ) suffered a loss of VND15.6 billion during Q1, triple the loss value of same period of 2016. The Petroleum Real Estate Joint Stock Company (PVL) reported a loss of VND2.1 billion, down 30 per cent year-on-year.
Mineral, oil and gas enterprises were next with a loss value amounting to 21 per cent of all losses.
They were followed by accommodation, restaurant and catering service businesses, which had a combined loss of VND17.7 billion.
