Vietnamese dairy firm Hanoimilk has reported a loss for the first quarter of 2014, as well as a drop in sales year-on-year.

Hanoimilk posted a net loss of VND18.05bn (US$84m), versus a VND18.3bn loss for the same period last year.

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It also posted an operating loss of VND18.27bn, against a VND18.29bn last year.

A fall in the cost of goods sold helped Hanoimilk’s profitability amid lower sales.

Net sales dropped to VND39bn in the first three months of the year, compared to VND41bn in the opening quarter of 2013.

For 2013 as a whole, Hanoimilk saw sales and profits rise. Net sales were up 6.4% at VND246.37bn. Net profit hit VND3.03bn, up from VND1.22bn in 2012.

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Hanoimilk competes in Vietnam’s growing dairy sector with companies including Vinamilk, the industry’s largest player, and Dutch giant FrieslandCampina.

Click here for the full income statement.

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