Analyst Pin-board: HAH 1H2018 Result Update
1H2018 results were not positive. Net sales increased by 71% yoy but gross profit only by 13% yoy because of lower gross margin. Fierce competiton and surging fuel costs decreased the gross margin from 29% to 19%. Besides, financials gains were lower by 81% and operating costs up by 52%, resulting the in net margin going down to 16% compared to 24% in 1H2017. PAT increased 10%, reaching VND 78bn. After deducting minority interest, PATMI even decreased 2%. These 1H2018 results indicate that the company has completed 44% and 59% of its guidance for revenue and PAT, respectively, for the current year.
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