In the consolidated financial report of Viglacera Corporation – Joint Stock Company (MCCK: VGC), business results for the fourth quarter of 2023, VGC achieved net revenue of 3,020 billion VND, down 61 billion VND compared to the same period last year. Cost of goods recorded at 2,455 billion VND, gross profit was 565 billion VND.
During the period, VGC reported a loss of VND 16 billion in affiliated companies and joint ventures. Net profit from business activities recorded a negative growth of VND 11 billion. The parent company’s profit following tax in the fourth quarter of 2023 of VGC only reached 10% over the same period, equivalent to 18.2 billion VND. While the following-tax profit of non-controlling shareholders was negative 67 billion VND, leading to the end of the last period of 2023, VGC’s following-tax profit fell straight to negative 48.5 billion VND. In the same period of 2022, this enterprise’s following-tax profit reached VND 222 billion.
Viglacera’s business results. Screenshots.
Explaining the above results, VGC said that profit following tax in the fourth quarter of 2023 decreased by 121.9% compared to the same period last year, equivalent to a decrease of VND 270 billion due to difficulties in the mirror and glass product group. consumption, selling prices decrease, sales volume decreases, revenue decreases.
In addition, VGC allocated 100 billion to the Science and Technology Development Fund according to the policy approved by the General Meeting of Shareholders. However, the Corporation’s consolidated pre-tax profit reached 1,602 billion VND, 32% higher than the plan previously assigned by the General Meeting of Shareholders. By the end of 2023, VGC’s total consolidated profit following tax is VND 1,162 billion.
As of December 31, 2023, Viglacera’s total assets are at VND 24,099 billion, an increase of 5% compared to the end of 2022. Of which, cash and cash equivalents are VND 1,842 billion, expenses poured into projects. Unfinished projects and inventory are VND 10,969 billion.
Construction in progress costs as of December 31, 2023 are VND 6,229 billion, an increase of 7.9%. Mainly in large industrial park projects such as Thuan Thanh, Yen My, Phu Ha and Van Hai luxury eco-tourism area.
Revenue structure, the largest contribution to VGC is still land tax with developed infrastructure, reaching nearly 4,514 billion VND, an increase of 37% over the same period last year. Sales of glass products, mirrors and tiles sales decreased by 31% and 3.3% to VND 2,005 billion and VND 3,459 billion, respectively. In 2023, VGC spends VND 2,087 billion on cost of goods sold for glass and mirror products but only earns net revenue of VND 2,004 billion.
The company also recorded VND 4,964 billion in inventory, an increase of 13% compared to the beginning of the period. Of which, the largest proportion is finished products of glass, porcelain, showerheads,… 2,603 billion VND, 55 billion VND of unfinished production and business costs, and 30 billion VND of goods. Unfinished real estate inventory is 1,537 billion VND, 17 billion VND of finished products.
By the end of 2023, VGC’s bad debt will decrease from VND 378 billion to VND 349 billion. In which the largest deduction is 64 billion VND, other than that there is no notable revenue. In contrast, VGC recorded an increase of VND 37 billion in bad debt of other subjects from VND 244 billion at the beginning of the year.
Viglacera Corporation – Joint Stock Company has a charter capital of 4,483 billion VND, main business lines are real estate and production and trading of construction materials. The predecessor of this enterprise was the Construction Glass and Ceramics Corporation under the Ministry of Construction.
