VRE: Explanation for the Quarter 1/2023 consolidated financial statements

Vincom Retail Joint Stock Company explained the movements of business result compared to the same period of last year according to the Quarter 1/2023 consolidated financial statements as follows:                                                                                                Unit: VND million No. Item Quarter 1/2023 Quarter 1/2022 Difference % 10 Net sales 1,943,276 1,369,460 573,816 42% 21 Financial income 223,816 102,854 120,962 118% 22 Financial expenses 100,408 89,512 10,896 12% 25 Selling expenses 28,678 54,586 (25,908) -47% 26 General & administrative expenses 79,047 87,799 (8,752) -10% 60 Profit after tax 1,024,011 377,597 646,414 171% The explanation for the movements of 10% or more: −        Net sales in Quarter 1/2023 increased by 574 billion dongs, of which: (i) the revenue from real estate for rent and related services provision increased by 667 billion dongs mainly due to the retail sale recovered well after the epidemic was controlled and the same time opened 03 commercial centers in Quarter 2/2022; (ii) the revenue from real estate transfer decreased by 81 billion dongs. −        Financial income increased by 121 billion dongs due to the increase in the gain from investment activities. −        Financial expenses increased by 11 billion dongs mainly due to the increase in bond interest rate. −        Selling expenses decreased by 25 billion dongs mainly due to the decrease in selling expenses of real estate corresponding to the decrease in revenue. General & administrative expenses decreased by 9 billion dongs due to the reduction of provision for bad debts. −        The profit after tax increased by 646 billion dongs compared to the same period of last year mainly due to the reasons above.