FLC back in the black in Q1
FLC back in the black in Q1
Property developer FLC reported a post-tax profit of VND42.5 billion ($1.8 million) in the first quarter against a loss of nearly VND1.9 trillion a year ago.
A resort of FLC in Quy Nhon in the central province of Binh Dinh. Photo by Shutterstock/TommyTeo.
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Though revenues fell 46 percent to VND2.56 trillion, the company also managed to cut costs by 61 percent.
The company targets a marginal revenue increase to VND15.25 trillion this year and a rise in post-tax profits by 2.8 times to VND880 billion.
The profit jump is expected due to sales of several real estate projects in Ha Long in the northern region, Sam Son and Quy Nhon in the central region, and Sa Dec in the south.
The group plans to launch 20 projects this year, mostly urban housing and resorts.
It also plans to expand the fleet of its Bamboo Airways to account for 30 percent of domestic air travel by the end of this year and to conduct an initial public offering of the airline in the U.S.
