Nam Long reported net profit of nearly VND 266 billion after the first half of 2019.

According to Nam Long Group (NLG) Q2/2019 consolidated financial statements, net profit increased 131% to VND 120 billion and net profit of first half of 2019 was 3 times higher than same period, at nearly VND 266 billion.

NLG explained that consolidated net revenue in the first half of 2019 totaled more than VND 935 billion, 34% less than the same period of last year due to the on-going construction of new projects i.e. Novia, Waterpoint, Paragon Dai Phuoc ... Exisiting projects such as Valora Island and Kikyo Flora have gradually completed the house delivery in the first half of the year.

NLG's financial expenses during the first 6 months of 2019 were 4 times higher as the result of increase in interest expenses for issued bonds and bank loans. Meanwhile, selling expenses of the group went down 54% to VND 55 billion.

NLG financial results in Q2/2019

Source: NLG Q2/2019 Financial statements

Within 6 months, NLG recorded profit of over VND 13 billion from joint ventures, which was 4 times higher. In addition, NLG also reported other interests of VND 138 billion after the first 6 months following the acquisition of Viet Thien Lam Company. Reportedly, Viet Thien Lam owns the 455,000-m2 Dai Phuoc Paragon villa with a total investment capital of USD 100 million. As a result, NLG net profit totaled VND 266 billion, 3 times higher than the same period of 2018. In Q2/2019 particularly, The group revenue was VND 603 billion. The majority was contributed from the house delivery which totaled VND 510 billion and the construction revenue which totaled VND 156 billion. Profit from joint venture was almost VND 5 billion and net profit was nearly VND 121 billion.

As of June 30, 2019, NLG had total assets of VND 10,304 billion, up 8% compared to the beginning of the year. Specifically, the inventory increased 40% to VND 4,526 billion. Compared to the beginning of the year, the Company's short-term and long-term financial lease loans were also reduced to approximately VND 155 billion and VND 770 billion accordingly at the end of Q2/2019.

(Source: vietstock.vn)