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.
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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.
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