Phu Nhuan Jewelry Joint Stock Company (PNJ) explains the fluctuation more than 71.7% in its financial statements in Quarter 2 of 2020 compared to the same period of 2019 as follows:
By: VND
Item
2020
2019
Difference
Consolidated financial statements
- Net revenue
2,744,802,199,607
2,961,828,580,037
-7.33%
- Profit after tax
31,660,485,158
169,151,564,268
-81.28%
Separate financial statements
2,464,854,425, 795
2,188,660,080,092
12.62%
42,940,737,342
151,700,870,184
-71.69%
Profit after tax decreases because of the following causes:
- Due to the Covid-19 pandemic, PNJ temporarily closed most of its stores in early April 2020 and gradually reopened from late April. Therefore, the retail sales in April was affected significantly. However, the jewelry sales have recovered positively in May and June 2020.
- Sales from 24K gold grew by 10% compared to the same period.
- Wholesale sales decreased by 24% compared to the same period.
- Borrowing cost was VND44.2 billion, up 107% compared to the same period because of the increase of working capital to respond to the Covid-19 pandemic.