Vicostone's (VCS) Q3 pre-tax profit estimated to reach 80% of yearly target
Vicostone's (VCS) Q3 pre-tax profit estimated to reach 80% of yearly target
Vicostone JSC (HNX: VCS) - member of Phenikaa Group, has announced its net revenue and pre-tax in the third quarter was estimated to rise 23.47 per cent and 22.4 per cent year-on-year at VNĐ1.86 trillion (US$79 million) and VNĐ574.6 billion ($24.7 million), respectively.
The figures would equal 76.54 per cent and 80.24 per cent of the full-year targets, showing utmost efforts of the company amid the uncertainties and difficulties brought by the COVID-19 pandemic, the company said in a statement.
The COVID-19 pandemic has had negative impacts on a global scale, resulting in increases of infection cases and fatalities. In face of the outbreak, social distancing measures have been enforced in different areas and production activities have been halted, causing the disruption of the global supply chain and impeding the global market demand for goods and services.
In Việt Nam, the fourth wave of COVID-19 broke out in late April 2021 and spread across most of the provinces and cities, triggering a series of effects on local areas, especially Hà Nội and HCM City.
Strong adaptive capacity, timely transformation in connection with market changes and solid corporate governance in pursuance of sustainable development has helped Vicostone overcome the challenges and uncertainties created by the outbreak, according to the company.
Vicostone has successfully mastered the technology, which allows the company to self-supply and localise the making of Cristobalite, Quartz and Resin as main inputs for stone engineering. That has enabled Vicostone to reduce the dependence on imported materials, limit the risks of foreign exchange rates, optimise costs and prices, deliver satisfactory outcomes and improve market competitiveness while others have been struggling with the downturn and disruption of the global supply chain.
Vicostone and Phenikaa Group have done charity work to support Vietnamese people amid the pandemic. Phenikaa Group and its members have donated nearly VNĐ50 billion in cash, commodities and technological products such as disinfection robots and a COVID tracking map to assist local people and authorities in the fight against the pandemic.
