<Result First Take> Vinda International (3331.HK) saw 3Q22 operating profit down 78.2%, below expectations
- Revenue increased by 6.5% y-o-y to HK$4,374m
- Gross profit dropped by 17.1% with a GP margin of 27.2%
- Operating profit dropped by 78.2% to HK$77m
- Revenue increased by 6.5% y-o-y to HK$4,374m (3Q21: HK$4,106m), of which HK$3,599m was from its Tissue segment and HK$775m was from the Personal Care segment
- Gross profit dropped by 17.1%, GP margin narrowed by 7.8ppts to 27.2% (3Q21: 35.0%)
- Operating profit dropped by 78.2% to HK$77m, with operating margin reduced by 6.8ppts to 1.8%. If excluding the foreign exchange loss from operating activities, operating margin would be 2.9%.
- EBITDA fell by 40.1% y-o-y to HK$399m, with EBITDA margin reduced by 7.1ppts to 9.1% (3Q21: 16.2%)
- Total foreign exchange loss was HK$54.1m (3Q21: HK$7.5m loss), of which HK$51.1m loss was from operating activities (3Q21: HK$6.7m loss), and HK$3m loss was from financing activities (3Q21: HK$0.9m loss).
- We will review our TP and rating after results briefing at 9:30am today