Vissan (VSN) profits drop 13 pct
Vissan (VSN) profits drop 13 pct
Leading food producer Vissan reported a 13 percent fall year-on-year in both revenues and profits in the first half of the year.
A box of Vissan’s fresh meat. Photo courtesy of Vissan.
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Revenues were down to VND2.32 trillion ($100.9 million) and profits to VND76 billion.
But second quarter revenues increased by 9 percent to VND1.12 trillion. Net profits were marginally down at VND39 billion.
Vissan expects a 1-percent fall in revenues for the full year as pork and beef output remain unchanged and that of processed foods rises by 8 percent.
Vissan expects a shortage of live pigs in the near future because of a current shortage of resources and piglets for breeding. However, many consumers would switch to other sources of protein because of high pork prices, it said.
On July 28, Vissan sought approval from HCMC authorities to suspend operation after it found 43 workers had Covid-19 and suspected hundreds more to be infected. It has sent the latter into quarantine.
Vissan has 130,000 outlets comprising traditional distribution channels, over 1,000 supermarkets and convenience stores and 49 showrooms across the country.
