JSC Refrigeration Electrical Engineering (REE - HOSE) announced consolidated financial report second quarter / 2016 and business results for the first 6 months profits plummeted.
Accordingly, in the second quarter of this year, total net revenues reached REE 869 billion, up 27% compared to the same period last year; Capital goods prices increased 45% at 624.6 billion, gross profit of the Company decreased slightly by 5%, while 242.5 billion.
Profit after tax in the period reached 161.1 billion, down 37.5% over the same period last year despite the expense in the period declined.
According to REE, the main cause leading to the profit decline was due to the loss in associated companies amounted to 306 billion, mainly losses in associated companies Pha Lai Thermal Power Corporation (PPC) (total accumulated losses of PPC at the end of QII / 2016 is nearly 350 billion). REE currently owns nearly 75 million shares of PPC, respectively 23.54% rate.
In 6 months, REE totaled 1,423 billion revenue, a slight increase of 4.4% over the same period last year, while revenue from air conditioning Reetech array nearly 30% growth, reaching 371 billion, mainstream businesses of M & E fell slightly by 3.2% in the same period, but still accounts for a large proportion of sales reached 643 billion.
Due to losses in the associated company profits erode in the first year amounted to 420.8 billion, up 6 months of this year, rates REE recorded only 271 billion, down 33.2% yoy completed last year and only 26% of the plan.
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