Phu Nhuan Jewellery sees profit up 17 per cent in Q3

Share this on: Hanoi, Oct 18 2019 - 06:38 PM

Phu Nhuan Jewellery Company (PNJ), the largest jewellery retailer in Viet Nam, recorded VND208 billion in after-tax profit in the third quarter, up 17 per cent year-on-year.

The company reported net revenue of VND3.9 trillion in the period, up 25 per cent against last year.

Financial expenses in the third quarter rose 78 per cent year-on-year, mainly due to increasing loan interest.

Selling expenses also climbed 27 per cent to VND340.8 billion, administrative expenses rose 22 per cent to VND113.7 billion.

PNJ attributed the surge in expenses to the company’s development strategy for the gold and watch retail systems.

In the first nine months this year, PNJ recorded net revenue of VND11.7 trillion, up 11 per cent. Post-tax profit was VND806 billion, up by 16 per cent year-on-year.

Earnings per share (EPS) in nine months reached VND3,619.

PNJ has completed 68 per cent of the profit target for 2019.

At the end of the third quarter, total assets of PNJ reached VND7.6 trillion, of which inventory value reached nearly VND6 trillion, an increase of nearly VND1 trillion compared to the beginning of the year.

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