Tien Phong Plastic JSC (NTP): Revenue down, profits up in Q1

AsemconnectVietnam – Tien Phong Plastic Joint stock company (NTP) has recently published financial statements of the first quarter of 2020 with turnover of VND 965.32 billion, down 4.42% and profit after tax 75.64 billion, up 5.61% over the same period last year.

According to NTP’s financial statements, sales of the first quarter of 2020 decreased and the cost of selling capital also reduced, so the gross profit on sales and provision of services were over VND310 billion.
In addition, NTP’s financial turnover soared from 73 million in Q1/2019 to VND6.57 billion in Q1/2020. In addition, in the first quarter of 2020, company reduced the cost of sales to 163.92 billion dong, down by nearly 7.1%. As a result, the revenue decreased but the profit still records growth.
Another notable point was that the product sales structure, in the first quarter of 2020, NTP sold 960.56 billion dong, down 3.75% over the same period last year, but exports increased by 35.3%, reaching over 2.8 billion dong.
As of 31/12/2020, NTP's total assets are nearly 4,223 billion dong, decreasing 329 billion dong, equal to decreasing by 7.23% over the beginning of 2020. The inventory decreased by 9.58% to 975.27 billion dong in which the purchased goods reduced 97.15% to over 7.5 billion dong and the materials increased to VND140 billion, up 42.81% to nearly VND800 billion.
The payable debt of Tien Phong Plastic Joint stock also fell 15.47% to nearly 1,678 billion dong, in which loans and short-term financing rents reduced by more than 11% to 1,212.5 billion dong; Long-term loan and financing debt were 110.41 billion dong, down 15.58%.
N.Nga
Source: Securities Investment Newspaper