In the first half of the year, the profit of Vinafood 2 remained negative, and inventories were 83,313 tonnes of rice short. A single subsidiary of Vinafood 2 somehow misplaced an astounding 83,000 tonnes of rice, demonstrating gross mismanagement behind the corporation’s losses Vietnam Southern Food Corporation (Vinafood 2, UPCoM: VSF) has just announced its consolidated financial statement for the second quarter of 2019. Accordingly, as of June 30, 2019, the total assets of Vinafood 2 rose by 7.6 per cent to VND9.571 trillion ($416.13 million), including increases of 20 per cent in short-term assets to VND4.867 trillion ($211.6 million) and 80 per cent cash to VND1.1 trillion ($47.83 million), mainly in bank deposits. During the quarter, the inventory of Vinafood 2 reduced by 7.6 per cent but remained at a high level of VND2.604 trillion ($113.22 million), including products, goods, materials, and goods sold. Notably, the inventory of the corporation was 83,313 tonnes of rice short of its paper records, equivalent to VND662 billion ($28.78 million) from Honda Imextravinh. Meanwhile, the Thot Not branch was missing VND220 million ($9,560) worth of goods as of April 20, 2019. At the parent company, 1,521 tonnes of goods, which were insured to… Read full this story
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