Loc Troi's (LTG) revenue up over 220 per cent in Q1 on crop protection sales

In the first quarter, Loc Troi Group’s net revenue jumped by over VND1.66 trillion with businesses of crop protection products contributing the most to the gain.

 

According to Loc Troi, its revenue rose 223.4 per cent year-on-year to nearly VND2.43 trillion.

Of which, the crop protection segment accounted for 64.8 per cent of total revenue, which was VND1.57 trillion. Followed by the food sector, which accounted for nearly 25 per cent of total revenue, worth over VND604.9 billion.

Therefore, its net revenue climbed 227.1 per cent to nearly VND2.4 trillion.

The company’s profit after tax was VND183.64 billion during the period, while it recorded a loss of over VND36.96 billion in the first quarter of 2020.

Even though its expenses increased, they couldn’t surpass the big gains in revenue.

Of which, its general and administrative expenses rose 7.8 per cent to VND72 billion, and sales expenses were up nearly 93 per cent to over VND190.7 billion, mostly due to the increase in expenses for promotion.

By the end of 2020, the agricultural company has three major shareholders, including Marina Viet Pte, the People's Committee of An Giang Province and Augusta Viet Pte with ownership of 25.21 per cent, 24.15 per cent and 5.71 per cent, respectively.

Huynh Van Thon, Chairman of the Board of Directors of Loc Troi, holds 27.3 per cent of total shares.

2020 was considered to be the year of completing the process of comprehensive restructuring of Loc Troi. The Board of Directors aims to become an agricultural service company and invests in the comprehensive development for providing agricultural services.

Last year, the company’s net revenue fell 9.67 per cent compared to 2019 due to the impact of the COVID-19 pandemic in the first quarter. However, it still witnessed a gain of 10 per cent in profit after tax to VND368.7 billion on a reduction in production costs.

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