Vinda International quarterly profit leaps to HK$377m

Vinda International said net profit for the first quarter ended March 31, increased by 64.8 percent to HK$377 million.

The results are not audited.

Net profit margin was up by 5.4 percentage points to 11 percent.

Revnue fell by 16.2 percent (12.4 percent at constant exchange rate) to HK$3.41 billion (of which HK$2.70 billion was from the tissue segment and HK$713 million was from the personal care segment).

The decline was attributable to the slower growth in mainland China, mainly due to temporary supply shortage of products, while the business outside mainland China still maintained a good momentum, the company said.

Total foreign exchange loss was HK$10 million from  HK$16 million gain in 2019 first quarter. Of this, HK$11 million loss was from operating payable items (2019 first quarter: HK$13 million gain) and HK$1 million gain was from financing items (2019 first quarter: HK$3 million gain).

Essity Aktiebolags, the company’s controlling shareholder, is listed on NASDAQ OMX Stockholm. Essity  owns 51.85 percent of the company.