PNJ - COVID-19 undermines Q3 earnings, as expected - Earnings Flash
  • 2021-10-20T00:00:00
  • Company Research

- PNJ released its preliminary Q3 2021 results with net revenue of VND877bn (USD38mn; -78% YoY) and a net loss of VND160bn (USD7mn) vs net profit of VND202bn (USD8.8mn) in Q3 2020. We attribute these weak results to severe COVID-19 disruptions that forced more than 80% of PNJ’s retail stores to shut down for most of Q3 2021. For 9M 2021, net revenue reached VND12.5tn (USD544mn; +7% YoY) while NPAT amounted to VND576bn (USD25mn; -10% YoY), which completed 74% and 68% of our respective full-year forecasts and were in line with our expectations.

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