Net profit skyrocketed in 4th quarter of 2018, FCN contributed capital to establish 2 more subsidiaries

FECON Corporation (HOSE: FCN) will spend nearly VND23 billion in contributing capital to establish 2 subsidiaries in the 1^st quarter of 2019 after a profitable business year in 2018.

Specifically, FCN will contribute 51% of FECON Trung Chinh Myanmar Construction Co., Ltd. This company’s charter capital is 9.3 billion dong, so FCN will spend about VND 4.7 billion on this deal.

At the same time, FCN also contributed capital to FECON Piling 1 JSC with the rate of 99.889%, equivalent to VND 17.98 billion.

According to the financial statements of 4^th quarter in 2018, FCN’s total revenue of nearly VND 1,150 billion, up 13% year over year (YoY). Cost of goods sold increased only 8%, accounting for VND 983 billion. Therefore, FCN gross profit earned VND 167 billion, up by 60% YoY. Interestingly, after-tax profit of the parent company increased to 181% compared to Q4 / 2017, reaching VND 125 billion.

For the whole year, revenue and cost of goods increased by 23%, respectively recorded at VND 2,859 billion and VND 2,433 billion. Profit after tax of parent company’s shareholders reached VND 248 billion, up 49% compared to 2017. Expecting for profit after tax plan of VND 272 billion, 53% higher than 2017, FCN only achieved 93% of the plan.

As on 31/12/2018, FCN's total assets increased by 23% from the beginning of the year, increasing from VND 3,838 billion to VND 4,716 billion, including an increase of 40% of short-term receivables.

The liability that FCN is recording is VND 2,800 billion at the end of the year, up 15% from the beginning of the year. Short-term loans from banks only increased slightly to 4%, equivalent to VND 553 billion.

Attached files

1. FCN - BCTC Q4 2018 - Hop nhat-compressed.pdf

2. 20190213_20190213 - FCN - NQ HDQT thanh lap CTCP thi cong coc FECON so 1.pdf

3. 20190213_20190213 - FCN - NQ HDQT thanh lap cty con tai Myanmar.pdf

Theo Vietstock.vn