Masan Group Corporation (HOSE: MSN) has announced its financial report for the third quarter of 2023, recording revenue of VND 20,155 billion, an increase of 3% compared to the third quarter of 2022. Thus, on average, the company earned nearly VND 224 billion per day in the last quarter.
During the period, the cost of goods sold was more than VND 14,215 billion, helping the company's gross profit reach nearly VND 5,937 billion, an increase of 9%.
At the end of the third quarter of 2023, Masan's financial revenue was nearly VND 421 billion, an increase of 28% over the same period last year.
Meanwhile, financial expenses were over VND2,386 billion, up 43%; profit from associated companies reached VND1,049 billion, down 8%; sales expenses were nearly VND3,627 billion, up 10%; Business management expenses were approximately VND957 billion, down 3%.
As a result, Masan reported after-tax profit in the third quarter of 2023 of VND 485 billion, down 42% compared to the third quarter of 2022.
Explaining the fluctuations in the period, Mr. Tran Phuong Bac - the person authorized to disclose information of Masan - said that the decrease in profit came from the fact that during the period the company recorded a one-time profit related to the consolidation of a new subsidiary.
In addition, financial expenses including exchange rate assessments for foreign currency loans were higher than the same period last year.
Accumulated in the first 9 months of 2023, Masan's revenue reached VND 57,470 billion, an increase of 3% compared to the first 9 months of 2022. Profit after tax was VND 1,353 billion, a decrease of 66%.
With the above results, after 9 months, the enterprise has completed 64% of the revenue plan (90,000 billion VND) and 34% of the profit target (4,000 billion VND) set for 2023.
As of September 30, 2023, Masan's total assets reached VND 145,073 billion (about USD 5.89 billion), an increase of VND 3,730 billion compared to the beginning of the year.
Of which, cash and cash equivalents were over VND9,477 billion, down 30% after 9 months. In addition, Masan spent VND1,216 billion on trading securities, down 63%; over VND3,564 billion on investments held to maturity, up 898%.
Inventory at Masan is 14,026 billion VND, down about 400 billion VND compared to the beginning of the year. The majority is finished products with 5,099 billion VND; raw materials 2,373 billion VND; goods over 3,786 billion VND.
In addition, Masan is also recording 3,375 billion VND in long-term unfinished construction costs. Investment in joint ventures and associates is nearly 31,421 billion VND; capital contribution to other units is more than 2,879 billion VND.
On the other side of the balance sheet, Masan's liabilities reached VND106,999 billion (about USD4.35 billion), an increase of VND2,293 billion after 9 months. Including, the company's short-term debt is VND15,026 billion, up 29% compared to the beginning of the year, long-term debt is VND42,922 billion, up 41%.
Looking at the debt structure, Masan said that the company's outstanding bonds are 19,507 billion VND. Of which, unsecured bonds are 9,117 billion VND and secured bonds are 10,389 billion VND.
According to Masan's financial statement, in the first 9 months of 2023, the company spent VND 5,277 billion to pay interest expenses, an increase of 57% compared to the first 9 months of 2022. This means that Masan is spending about VND 19.5 billion per day to pay interest expenses, while in the same period it only had to pay VND 12.4 billion.
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