Analyst Pin-board: DRC – Update on 1Q2020
1Q2020 results
Net revenue in 1Q2020 reached VND 803 billion, down by 2% YoY. The bias segment saw a drop of 18.4% YoY in revenue, to VND 229 billion. On the contrary, the radial segment’s revenue continued to grow with an increase of 9.2% YoY, reaching VND 411 billion thanks to both increasing output and selling prices. GPM in 1Q2020 improved from 9.7% (1Q2019) to 14.7%. Most of DRC's products had a higher GPM compared to the same period in 2019, except for the bias segment whose GPM decreased from 23.3% (1Q2019) to 21.5%. Meanwhile, GPM of radial tires grew strongly to 11.2% from 1.2% in 1Q2019 due to lower production costs and higher selling prices. Thus, gross profit reached VND 118 billion, up by 48% YoY.
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