FPT Digital Retail Joint Stock Company (FRT) Q1 2024 earnings summary

Executive summary

• Q1 net revenue was VND 3.583T versus VND 4.513T a year earlier; net loss narrowed to VND 50.8B from VND 66.2B.

• Gross profit increased to VND 480.0B from VND 427.1B, while operating loss was VND 49.0B versus VND 69.5B.

Financial highlights

• Gross revenue was VND 3.609T versus VND 4.547T; sales returns were VND 26.1B versus VND 34.4B, resulting in net revenue of VND 3.583T versus VND 4.513T.

• Cost of sales was VND 3.103T versus VND 4.086T; gross profit was VND 480.0B versus VND 427.1B.

• Financial income was VND 21.0B versus VND 39.2B; financial expenses were VND 34.7B versus VND 67.8B, including interest expense of VND 34.5B versus VND 66.8B.

• Net loss was VND 50.8B versus VND 66.2B; income tax expense was nil in both periods.

Key financial ratios and metrics

• Operating loss was VND 49.0B versus VND 69.5B; selling expenses were VND 352.4B versus VND 357.0B, and G&A expenses were VND 162.8B versus VND 111.1B.

• Operating cash flow was positive VND 1.398T versus an outflow of VND 929.9B; cash and cash equivalents ended Q1 at VND 548.8B versus VND 555.2B a year earlier.

• Cash and cash equivalents were VND 548.8B at 31 March, down from VND 652.1B at 31 December; total assets were VND 6.730T versus VND 7.722T.