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.

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.