Real estate giant Vinhomes JSC recorded a net profit of VND2.69 trillion in the first quarter, according to its newly-released consolidated financial report.
The $116 million net profit is a 33 percent fall year-on-year. The decrease was because the company (stock code: VHM) had largely completed delivery of apartments and villas to customers in its major projects.
Overall, revenue in the first three months of 2019 were VND5.85 trillion ($251.2 million), down more than 44 percent year-on-year, with 83 percent coming from sale of inventory properties.
Revenue from financial activities fell by 2.4 percent year-on-year to VND2.94 trillion ($126.23 million).
During the quarter the company sold Prime Land Real Estate JSC, a subsidiary in which it owned 91.48 percent, for VND1.49 trillion ($63.98 million).
There was a 9.1 percent rise in receivables, while inventory remained largely the same.
The value of newly signed real estate contracts (with deposits received) rose by 69 percent to VND12.08 trillion ($518.67 million) in the first quarter, or more than double first quarter revenue.
By March 31, 2019, Vinhomes had total consolidated assets of VND128.47 trillion ($5.52 billion), and total equity of VND50.76 trillion ($2.18 billion), an increase of VND8.78 trillion ($377 million) and VND2.61 trillion ($112 million) respectively compared to the balances at the end of 2018.
Vinhomes has the second largest market cap on the Ho Chi Minh Stock Exchange behind only Vingroup (VIC), its parent company which is Vietnam’s largest private conglomerate.