Many once-famous brands, which were experiencing bad business performance, have revived shortly after being bought by large corporations, reported Saigon Times.
Masan Group last February spent VND550 billion to acquire 52 percent of NET Detergent JSC. And in the first quarter, NET made a record profit growth rate of 108 percent.
It once again broke the revenue record in Q2 with reported revenue of VND369 billion, an increase of 31 percent over the same period last year. Business efficiency improved markedly with a gross profit margin up from 19 percent to 23 percent.
Total expenses in the period of the company only increased by 16 percent, thanks to after-tax profit increasing sharply by 121 percent to VND42 billion.
As such, in the first six months of the year, the new member of Masan Group gained revenue of VND726 billion and net profit of VND74 billion, increasing by 36 percent and 111 percent, respectively, compared with the 2019 bi-annual accounting period.
If noting that NET targeted revenue of VND1.3 trillion and profit of VND86 billion this year, it has implemented 56 percent of revenue plan and 98 percent of profit plan just after half a time.
The article was originally published in VNA