The PAN Group on way to make quick COVID-19 recovery
The PAN Group on way to make quick COVID-19 recovery
The PAN Group, which has Japan’s Sojitz Corporation as a shareholder, reported a 5 per cent rise in consolidated net revenue in the second quarter of 2020 amidst negative impacts from COVID-19.
Fried shrimp Tempura production at Fimex Vietnam factory, a unit of The PAN Group
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The PAN Group on July 30 officially announced its consolidated financial statements for the second quarter and the first half of 2020.
Specifically, the group’s consolidated net revenue reached nearly VND1.84 trillion ($80 million) in the second quarter, up 5 per cent on-year, while its consolidated after-tax profit was VND66.7 billion ($2.9 million), equal to 66 per cent of the same period last year.
As a result, in the first half, the PAN Group made consolidated net revenue of VND3.12 trillion ($135.65 million) and consolidated after-tax profit of VND95.4 billion ($4.15 million), thus fulfilling 41 per cent of the yearly revenue target and 31 per cent of the after-tax profit target.
The second quarter saw businesses' economic performance slow down due to social distancing. The pandemic disrupted global supply chains and pulled down purchasing power while causing difficulties in exports. During the period, Vietnam’s GDP growth rate was only 0.36 per cent. More than 60,000 businesses closed operation while the unemployment rate hit a 10-year high.
In the wake of the COVID-19 pandemic, The PAN Group has adopted a number of solutions to prevent and fight the deadly virus at its offices and factories, as well as to support member companies to overcome their difficulties. These efforts paid out in better consolidated business results in the second quarter than in the first one.
If the effects of the health crisis can be muted down towards the end of the year, the group is likely to fulfil its yearly targets of VND7.918 trillion ($344.26 million) in consolidated net revenue, up 1 per cent on-year, and VND305 billion ($13.26 million) in consolidated after-tax profit in 2020.
