Fertiliser firm gains Q1 profit of 394.2b dong, up 17.3pct y-o-y

The southern-listed PetroVietnam Fertiliser and Chemical Joint Stock Co (coded DPM) reported gaining Q1 revenue of over 1.433 trillion dong, dropping by 26.4 percent against the same period of last year.

However, in the first three months of this year, the costs of goods sold (COGS) also plunged by 553.6 billion dong, down 38.1 percent, leading to the increase in combined profit by 38.2 billion dong to 535.4 billion dong.

The margin combined profit rose sharply from 25.5 percent to 37.3 percent.

DPM’s gained profit from financial activities was estimated at 56 billion dong; up 51.2 billion dong against Q1 of 2009 while the company’s financial revenue increased by 39.4 billion dong but costs down 11.8 billion dong.

The total sales costs and management costs in Jan-March was posted at 141.2 billion dong, up 12.4 billion dong year-on-year.

The company estimated to gain Q1 pre-tax profit and after tax profit of 451.2 billion dong and 394.8 billion dong respectively.

As for 2010 business plan, the company targeted to reach total revenue of 5.646 trillion dong, after tax profit of 1.007 trillion dong. Therefore, up to the end of March, DPM already fulfilled 25.4 percent of revenue plan and 39.2 percent of profit plan.

According to last year’s audited business reports, the company reached 6.63 trillion dong of net revenue and 1.351 trillion dong of after tax profit.

DPM’s representative explained the reduction in 2010 profit plan against that of 2009 that the company’s profit this year would mainly be taken in Q1 and Q4, while the third quarter be the most difficult period due to harsh weather conditions as well as sharp reduction in fertiliser prices.

CafeF

Tags: PetroVietnam Fertiliser and Chemical Joint Stock Co, vietnam stock, Vietnam stock market