Cost savings, Southern Basic Chemicals (CSV) profit of 69 billion VND in the second quarter of 2016
Southern Basic Chemicals Joint Stock Company (CSV) has just announced its financial report for the second quarter of 2016.
Accordingly, CSV’s net revenue in the second quarter of 2016 was only VND 270.81 billion, a slight decrease of 3% compared to the same period last year. However, the cost of goods sold in the period decreased sharply, making CSV gross profit reached 82.16 billion dong, up 45%.
During the period, CSV financial revenue dropped sharply by 31% to VND 23.45 billion. The main reason for the decrease in financial revenue was that the company only received VND 19.67 billion in dividends and distributed profit, while the company received VND 31.84 billion in the previous year.
However, the positive point with CSV in Q2 is that the company has significantly reduced operating costs. Specifically, financial expenses decreased by 20%, selling and administrative expenses decreased by 11%.
After deducting expenses incurred in the period, CSV recorded VND 59 billion in pre-tax profit, up 49% compared to Q2/2016.
Accumulated in the first 6 months, CSV profit before tax increased by 18% to VND 113.31 billion, completing 57% of the set plan.
At the end of the second quarter, CSV’s total assets reached VND 882 billion, an increase of VND 63 billion compared to the beginning of the year. In which, the balance of cash and equivalent is up to 404 billion VND, equivalent to 45% of the total assets of the company. The company’s inventory value was 149 billion dong, down 20 billion dong compared to the beginning of the year.
