VIC - Property and leasing segments support Q1 2023 results - Earnings Flash
  • 2023-04-25T00:00:00
  • Company Research

VIC announced its Q1 2023 results with revenue of VND39.0tn (USD1.7bn; +114% YoY) and NPAT-MI of VND1.1tn (USD45mn; -57% YoY), which were mainly supported by (1) bulk sales transactions at Vinhomes Ocean Park 2 & 3 and (2) improved operational performance across segments that offset the lower revenue recognition of the industrial segment. We attribute the divergence between VIC’s PAT (+15% YoY) and its NPAT-MI (-57% YoY) in Q1 2023 to higher profit attributed to VHM and VRE’s minority shareholders, which is partially offset by a higher loss attributed to VinFast’s minority shareholders.

As of end-Q1 2023, VIC’s total debt maturing within 12 months was VND64.4tn (USD2.7bn), of which management expects to repay via (1) cashflow proceeds from operational businesses, (2) raising new capital in the domestic and international markets, and/or (3) divesting non-core businesses

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