RIC: Net Profit Falls 85% in Q1/2012

The HOSE-listed company generated net revenue of VND44.8 billion in the quarter, up 15% compared to VND38.8 billion a year earlier thanks to the rise in visitors to Ha Long Bay.

Despite its higher sales, the company attributed its lower profit to higher salaries, higher costs of goods sold (up 28% on year), and the loss of VND1.35 billion from financial activity.

The company had total assets of VND1.284 trillion at the end of the quarter, against VND1.28 trillion at the beginning of the year.