Pen maker Thien Long profits fall to 4-year low
01-02-2021 08:21:08+07:00
Pen maker Thien Long profits fall to 4-year low
Pen maker Thien Long Group reported profits of VND240 billion ($10.4 million) for 2020, the lowest in four years.
Students in southern Can Tho City use Thien Long crayons. Photo courtesy of Thien Long.
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Revenues were down 17 percent to VND2.6 trillion, including VND500 billion from exports.
The company attributed the fall in sales and profits to the severe impact of the Covid-19 pandemic on schools in Vietnam and its export markets.
In the first quarter of 2020, it even made its first loss in 10 years, of VND20 billion, due to the prolonged school closure.
By the end of 2020, the group’s total equity reached VND2.3 trillion, with its total short-term debt decreased from over VND550 billion to VND500 billion.
