Thanks to cost savings and the reversal of stock price reduction provisions, FIT reported profit ofQ2 / 2020 reached 40 billion dong, higher than the same period.

F.I.T Group Joint Stock Company (FIT – HoSE) has announced the financial statements of quarter II / 2020  with highly increased profit over the same period.

Accordingly, net revenue in the period was only VND 241 billion, down 24% over the same period, gross profit reached VND 62.4 billion, down nearly 10% compared to Q2 2019 thanks to a sharp decrease in COGS.

During the period, FIT had 38 billion dong of revenue from financial activities, increased 5 billion dong over the same period, financial expenses recorded 4 billion dong instead of 19.2 billion dong as the same period, selling and corporate governance expenses also decreased by 25% and 10% respectively, so the result of FIT after tax profit of 38.6 billion VND is 3.4 times higher than Q2 / 2019, parent company’s EAT attained 30.6 billion dong

In the first 6 months of 2020, FIT reached nearly 540 billion dong of net revenue, down 8% over the same period, EAT reached 40.3 billion dong, 3.7 times higher than that of the first half of 2019, in which EAT belongs to the parent company is more than 28 billion.

In 2020, FIT Group sets an ambitious growth target with net revenue from operating activities of 1,383.5 billion VND, an increase of 16% compared to 2019, total pre-tax profit of 171.3 billion VND, an increase of 43% compared to 2019, total consolidated after-tax profit is 136.2 billion, the ratio of profit after tax / net revenue is expected to reach 9.8%.

Source: cafef.vn