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– In the first 3 months of 2020, Hanoi Beer and Alcohol Corporation (Habeco) revenues decreased by 50%, while Saigon Beer – Alcohol – Beverage Joint Stock Corporation (Sabeco) revenues also decreased by 47% in compared to the previous year. with the same period
Habeco reported a loss of almost 100 billion
Hanoi Beer and Beverage Corporation (Habeco, Stock Code: BHN) has just announced its first quarter trading results with a record loss of almost VND 100 billion.
In the first 3 months of the year, the net income of Habeco (the “big” owner of the Hanoi and Truc Bach beer brands) was only 770 billion VND, a decrease of more than 50% compared to the same 2019 period. Revenue fell. According to gross profit, it fell more than 55% to 148 billion dong.
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While revenue declined dramatically, operating costs did not fluctuate significantly. Specifically, selling expenses were almost VND 185 billion, 3% less; General and administrative expenses of almost 81 billion, 4% more.
As a result, Habeco reported a loss of 96 billion dong before tax, while the same period in 2019 was almost 98 billion dong. Habeco’s after-tax loss in the first 3 months of 2020 exceeded VND 98 billion, while in the first quarter of 2019, earnings were VND 64 billion. This is the first time that Habeco has announced a pre-tax loss of one hundred billion dong.
The impact of the losses and the increase in inventories made Habeco’s commercial cash flow during the period negative over VND 1 billion (while in the same period of 2019, this Habeco target was only VND 430 thousand millions). Consequently, the amount of cash and cash equivalents at the end of the Habeco period decreased from VND 1.3 billion at the beginning of the year to only VND 430 billion at the end of March.
At the end of March, the total combined assets of this northern beer industry fell 12% to almost 6,830 million dong. The companies’ obligations are $ 1.7 billion, almost $ 850 million compared to the beginning of the year.
Meanwhile, inventories of this business increased by 17.5% to VND 751 billion, mainly due to an increase in finished products and goods.
In the explanation, Habeco’s management stated that due to the influence of Covid-19 and Decree 100 that prohibits driving after drinking alcohol, consumption in the first 3 months of the year decreased dramatically compared to the same period in 2019.
In the stock market, Habeco’s share price is currently at its lowest historical price, at 56,000 VND, much lower than the price of almost 80,000 VND at the beginning of the year.
Sabeco’s revenue is down 47%.
Saigon Beer – Alcohol – Beverage Joint Stock Corporation (Sabeco, stock code: SAB) has just released its financial report for the first quarter of 2020, recording a decline in revenue.
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Accordingly, in the first 3 months of 2020, Sabeco’s net income is only 4,910 billion dong, 47% less than the previous year. This is Sabeco’s lowest quarterly revenue since 2016.
Sabeco’s gross profit in the first quarter of 2020 is approximately VND 1,350 million, 38% less. The gross profit margin increased from 23.5% to 27.6%.
Sabeco’s financial income in the first quarter of 2020 is almost VND 270 billion, 56% more. Meanwhile, joint ventures and associates decreased 46% of profits to VND 41 billion, down 46%.
Due to a sharp decline in revenue, Sabeco actively reduced many expenses, as selling expenses decreased by 19% to VND 560 billion, administrative expenses decreased by 15% to VND 141 billion. Financial costs of only 20 billion.
Sabeco’s pre-tax profit in the first quarter of 2020 reached VND 945 billion, 40% less compared to the same period last year. And the after-tax profit of the parent company Sabeco’s share is 700 billion dong, a decrease of 43% year-on-year.
According to the explanation of Sabeco’s management, the reason for the decrease in income compared to the same period in 2019 was due to the double effect of the Covid-19 pandemic and Decree 100, which resulted in a reduction in the consumption.
In fact, Sabeco also faces stiff competition from foreign brewing companies such as Heineken, Budweiser, Sappro, …
Due to the impact of the business situation, the value of SAB shares is also declining sharply. At the end of the trading session on 4/29, SAB shares decreased 4.1% to VND 163,000 / share.
Lord tuan
