VTP - Low productivity reins in NI despite solid service revenue - Earnings Flash
  • 2022-05-04T00:00:00
  • Company Research

VTP announced its Q1 2022 results with revenue rising 12% YoY but NPAT-MI sliding 5% YoY. The weak bottom line was mainly due to (1) lower labor productivity as a result of COVID-19-related employee absences — which led to lower delivery profit margins — and (2) a shortage of e-commerce products imported from China via unofficial border trade amid this country’s zero-COVID-19 policy, per management. 

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