VC3: Q3/2019 earnings growth boosted by real estate business

Construction Joint Stock Company No. 3 (VC3) has disclosed its financial statements for Q3/2019:

- Net revenues rose 164.6% y/y, in which revenues from real estate business jumping 26 times.

- Net profit surged 642.95% y/y and hit a record high since Q4/2016.

VC3 posted net revenues of VND114.95 billion in Q3/2019, up 2.7 times y/y, while its net profit climbed 642.95% to VND22.53 billion – the highest quarterly figure since Q4/2016.

Q3/2019: Strong growth seen in net revenues & net profit (bn VND)

Source: FiinPro

VC3’s third-quarter strong growth was mostly contributed by real estate business which saw the revenues up to as high as VND79.3 billion in Q3/2019 from VND3 billion a year earlier when part of earnings from Vinaconex 3 Pho Yen residential area project was recorded.  

Inconstant revenues from real estate business (bn VND)

Source: FiinPro

Sales revenues and those from construction contracts dropped 13.3% and 3.3% y/y to VND28.98 billion and VND6.68 billion in Q3/2019, respectively, while borrowing cost and management expenses rose 164.7% and 64%.

In the first nine months of 2019, VC3 fulfilled 39% of its full-year revenues and 61% of its full-year net profit. VC3 had total assets of VND911 billion as of Sept 30, up 7.9% from the beginning of the year, but its total borrowings grew 134% as the company had VND30 billion worth of matured long-term debt.

VC3 shares closed at VND24,500/unit on October 14, up 5.15% from the beginning of October, with 411,314 shares changed hands. This has been the biggest intraday order matching volume since December 27, 2018.

 

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