Mobile World (MWG) reports 45 per cent plunge in after-tax profit
The closing of hundreds of Mobile World stores across the country during COVID-19 has made the electronics retailer's after-tax profit drop by 45 per cent in April.
Mobile World has just released its financial report for April
Mobile World Investment Corporation (MWG) has just reported its business results for April. Accordingly, net revenue was about VND7.834 trillion ($340.6 million) while after-tax profit was VND209 billion ($9.1 million), down 14 and 45 per cent on-year, respectively.
Accumulated figures during the year’s first four months showed net earnings of VND37.178 trillion ($1.6 billion) and after-tax profit of VND1.341 trillion ($58.3 million).
Of this, the total turnover of thegioididong and Dien May Xanh stores plunged by nearly 30 per cent due to halting the operations of more than 600 establishments in the first half of April, with the month being a traditional peak season for the chains.
While the firm tried to optimise operation costs, the nationwide social distancing left an unmistakable mark on its net profit. Meanwhile, its online business recorded a growth of about 20 per cent and occupied about 16 per cent of its total turnover for the month.
The Bach Hoa Xanh stores specialised in food and grocery, thanks to the high demand for necessities, reported record revenue of VND1.8-1.9 trillion ($78.26-82.6 million) and has maintained a daily revenue of VND1.4 billion ($60,870).