Phu Nhuan Jewelry Joint Stock Company (PNJ) explains the decrease more than 26.42% in its financial statements in six months of 2020 compared to the same period of 2019 as follows:
By: VND
Item
2020
2019
Difference
Consolidated financial statements
- Net revenue
7,745,692,617,232
7,745,320,169,733
0.00%
- Profit after tax
439,922,654,941
597,897,879,548
-26.42%
Separate financial statements
7,516,769,878,235
6,573,168,057,458
14.36%
449,859,394,912
578,417,290,447
-22.23%
Profit after tax decreases because of the following causes:
- Due to the Covid-19 pandemic, PNJ’s business operation was affected significantly. The sales of gold bars and 24K gold increased while the jewelry sales decreased. However, the jewelry sales have recovered positively in May and June 2020 after the Covid-19 disease was controlled.
- Borrowing cost was 84.6 billion dongs, up 87% compared to the same period because of the increase of working capital to respond to the Covid-19 pandemic.