Vietnam’s money printing firm incurs losses
Vietnam's National Money Printing Factory has racked up losses of VND11.2 billion in the first half of this year, having reported steady profits for years.
According to Nguoi Lao Dong Online newspaper, the factory, a unit of the State Bank of Vietnam, has released its financial reports for 2018 and the first half of 2019.
Ending last year, the firm gained VND63.8 billion in pre-tax profit, up 14% versus the previous year.
It booked VND906 billion in revenue in the January-June period of this year, down 9% year-on-year, while its gross profit slumped by three-fourths at only VND20.2 billion. As its financial revenue tumbled and corporate governance costs soared, the factory incurred a loss of VND11.2 billion during the period.
At the end of the second quarter, it had more than VND2.2 trillion in total assets, rising a slight 1.7% compared to early this year. Its equity was VND1.9 trillion, down 0.6%, while its payable debt rose 17% at VND339 billion.
The factory operates as a 100% State-owned one-member limited company, active in the fields of money printing, gold processing, and manufacturing of gold souvenirs and valuable papers.
The factory reported rising profit in recent years, from VND20 billion in 2013 to VND42 billion in 2016, VND44.4 billion in 2017 and VND51 billion in 2018. It now has around 794 staff.