Mall operator Vincom Retail has reported after-tax profits of US$43.4M for the first quarter, a 2.7-fold rise year-on-year, amid a recovery in consumption.
It was 23 per cent up quarter-on-quarter; the company’s consolidated financial statements showed. Vincom Retail reported revenues of VND1.94trn in the first quarter, an increase of 42 per cent, with its mall business accounting for VND1.9trn.
The company targets profits of VND4.68trn on revenues of VND10.35trn for this year, up 69 per cent and 41 per cent from 2022. Vincom Retail, a subsidiary of conglomerate Vingroup, plans to open a mall each in Ho Chi Minh City and the northern province of Ha Giang, increasing its total number to 85 in 45 cities and provinces.
