MPC: Q3 Separate Revenue Drops 15% on Sluggish Shrimp Exports

Minh Phu Seafood Corporation (MPC) has disclosed its separate financial statements for Q3/2019, with net sales falling 14.6% YoY to VND3,255.4bn while its net income decreased 53.7% to VND103.3bn.

- Net revenue was VND3.3tn, down 14.6% YoY; net income was VND103.3bn, down 53.7%

- Profit margin decreased to 3.2% in Q3/2019 vs. 5.8% in Q3/2018

- 9M2019 export revenues fall 8.9% YoY to US$484.6mn

Minh Phu Seafood Corporation (MPC) has disclosed its separate financial statements for Q3/2019, with net sales falling 14.6% YoY to VND3,255.4bn while its net income decreased 53.7% to VND103.3bn.

Nine-month export revenues reportedly dropped 8.9% y/y to about US$484.4mn, fullfilling 57% of the whole-year plan.

Major export markets of the U.S., Japan, EU and South Korea contributed a combined 76.7% of the group's total export revenue. In the first nine months of 2019, sales to the U.S. decreased 14.3% YoY to only US$188.3mn while those to Korea and Japan were down 16.3% and 10.5% respectively. Earnings from exports to EU, meanwhile, rose 19.7% YoY to US$59.3mn.

Poor performance prompted MPC's profit margin to ease to 3.2% in Q3/2019 from 5.8% in Q3/2018.

Q3/2019 net profit halved from Q3/2018

Source: FiinTrade

MPC attributed that serious shortage of raw materials limited its ability to quickly deliver goods to customers in September and prevented the company from signing new orders in the last months of the year.

Minh Phu is going to speed up the completion of Loc An hi-tech farming area in 2019, in order to ensure sufficient supply of materials to fulfill orders in the peak months of 2020 and the following years.

 

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