Real estate revenue declines against last year though bookkeeping factors are at play.
Vingroup’s consolidated income in the second quarter was VND6.031 trillion ($272.9 million). Profit from financial activities was VND2.132 trillion ($96.47 million) and pre-tax profit VND572 billion ($25.88 million). In the first half of the year consolidated revenue totaled VND12.426 trillion ($562.27 million), with profit from business activities of VND4.375 trillion ($197.96 million) and pre-tax profit VND1.264 trillion ($57.19 million).
Revenue from real estate fell against last year because, in the second quarter, only Vinhomes Times City and Vinhomes Royal City earned revenue. Although Park Hill and Vinhomes Central Park received significant sums from customers, revenue from the two projects will be recorded in the third quarter.
The second quarter also saw the growth in revenue at subsidiaries, such as Vincom Retail (7 per cent) and Vinpearl (34 per cent). Vinschool earned revenue of VND93 billion ($4.2 million), a 289 per cent increase year-on-year. Retail networks such as VinMart and VinPro earned revenue of VND796 billion ($36 million), accounting for 13 per cent of the group’s total.
As at June 30 total assets were VND110.533 trillion ($5 billion), an increase of VND20.624 trillion ($933 million) compared to December 31, 2014. Equity was VND30.543 trillion ($1.38 billion), an increase of VND3.258 trillion ($147.4 million).