Press Release: Vincom Retail Announced Business And Financial Result For The First Quarter of 2019
On 22 April 2019, Vincom Retail Joint Stock Company (Vincom Retail, ticker “VRE”) released its consolidated financial statements of the first quarter of 2019 (1Q2019) prepared in accordance with Vietnamese Accounting Standards (VAS).
Vincom Retail reported good business results with positive growth momentum compared to the same period last year. Particularly, total consolidated revenue reached VND 2.284 trillion, an increase of 41.2% year-on-year; revenue from leasing and rendering related services was VND 1.599 trillion, an increase of 26.4% year-on-year; revenue from sale of inventory properties was VND 601 billion, an increase of 79.3% year-on-year, due to the delivery of shop-house units in the Vincom Shophouse Ca Mau project in 1Q2019. With positive operating performance in the first quarter of 2019, the company achieved profit after tax of VND 611 billion, VND 70 billion, or 12.9% higher than the same period in 2018. As of 31 March 2019, Vincom Retail’s total assets were VND 38.621 trillion and shareholders’ equity was VND 29.112 trillion.
As of 31 March 2019, Vincom Retail had 66 retail malls under operation in 38 cities and provinces throughout the country, with approximately 1.5 million sqm of total retail GFA, maintaining its position as the largest retail developer, owner and operator in Vietnam. Vincom Retail Vincom shopping malls are attractive retail destinations for domestic and international retailers, due to a well-recognized brand and premium management service. As of 31 March 2019, Vincom Retail malls are home to more than 1,000 leading brands, with growing footfall and tenant turn-over.
Also in 1Q 2019, Vincom Retail continued to make progress in pre-opening preparation for Landmark81 Skyview (Ho Chi Minh City), Vietnam’s highest observation deck, and three retail malls. In 2Q 2019, Vincom Plaza Skylake and Vincom Center Tran Duy Hung are scheduled to launch in Hanoi, and Vincom Plaza Mong Cai will be launched in June 2019. By the end of 2Q 2019, Vincom Retail’s network is expected to reach 69 malls across 38 cities and provinces in Vietnam.