Hanoimilk, the Vietnamese dairy group, continued to witness declining revenues in the third quarter of the year but lower costs saw profits strengthen.
During the three-month period, sales were down 24% year-on-year, dropping to VND49.8bn (US$2.3m). In the year-to-date, Hanoimilk reported a 20% drop in revenue, which fell to VND155.8bn.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Depsite deteriorating sales, the company has seen profits improve thanks to lower costs. Third-quarter net profit was up 136% due to a reduction in cost of goods sold, reaching VND1.3bn. For the nine months, profit rose to VDN1.8bn compared to a loss last year of VND200m.
Click here to view the Vietnamese release from the company.
