Vietnam rubber giants report mixed Q2 profits
Phuoc Hoa Rubber reported a large profit in the second quarter of this year, while Dong Phu Rubber and Tan Bien Rubber posted falling profits in the context of a sharp decline in rubber exports.
Phuoc Hoa Rubber JSC posted net revenue of VND201 billion ($8.5 million) and after-tax profit of VND127.4 billion ($5.4 million) in Q2, down 17% and up 128%, respectively.
Notably, the company, listed on the Ho Chi Minh Stock Exchange (HoSE) as PHR, hit financial income of VND61 billion ($2.6 million), up 93%.
In the first six months of this year, PHR reported net revenue of VND527 billion ($22.3 million) and post-tax profit of VND361 billion ($15.3 million), down 13% but up 2% year-on-year, respectively.
As of the end of Q2, the company's total assets had stood at VND5.99 trillion ($253 million), down 5% compared to the beginning of the year, of which inventory was VND247 billion ($10.44 million), down 23%.
Phuoc Hoa aims to achieve revenue of VND1.81 trillion ($77.2 million) this year, down 12%, and post-tax profit of VND487 billion ($20.74 million), down 47%.
Although it has reduced its targets for this year, PHR said that it would still be difficult to complete the plan due to market difficulties.
On the HoSE, the PHR share price stood at VND51,500 ($2.18) per unit at Tuesday's close.

Rubber scraping in Nam Giang district, Quang Nam province, central Vietnam. Photo courtesy of Quang Nam newspaper.
DongPhu Rubber JSC recorded after-tax profit of VND41 billion ($1.73 million) in Q2, down 43%, on a net revenue of VND146.6 billion ($6.2 million), down 50%.
The company, listed on the unlisted public company market UPCoM as DPD, said that in Q2, rubber consumption and the average selling price of rubber fell sharply compared to the previous year, causing profits to shrink.
In H1/2023, DPD posted net revenue of VND326 billion ($13.78 million), down 35%, and after-tax profit of VND102.8 billion ($4.3 million), down 14%.
As of June 30, the company's assets had hit VND4.25 trillion ($179.5 million), of which cash and cash equivalents were VND196.6 bllion ($8.3 million).
The DPR share price hit VND61,100 ($2.58) per unit at Tuesday's close.
Tan Bien Rubber JSC recorded net revenue of VND220 billion ($9.3 million) in Q2, down 3%, and after-tax profit of VND78.8 billion ($3.33 million), down 22%.
In H1/2023, the company posted net revenue of VND392 billion ($16.6 million) and after-tax profit of VND147.5 billion ($6.2 million), down 23% and 22% year-on-year, respectively.
At the end of June, the company's total assets had stood at VND2.81 trillion ($118.6 million), of which cash and cash equivalents were VND273 billion ($11.5 million), up 44% compared to the beginning of the year.
The company is listed on the UPCoM as RTB, which closed at VND21,600 ($0.91) on Tuesday.
Statistics from the Ministry of Industry and Trade show that in the first six months of 2023, rubber exports reached 765,370 tons, worth $1.04 billion, down 2.7% in volume and 23% in value compared to the same period in 2022.
In the first half of 2023, rubber exports to most markets declined over the same period last year, especially to large markets like India, the U.S., Turkey, Indonesia, Brazil, and Europe. However, exports to key markets still grew in volume over the same period in 2022 like China, South Korea, Russia, and the Netherlands.
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