What Caused Viglacera’s (VGC) Profit to Fall to its Lowest in 7 Quarters?

Viglacera Corporation – Joint Stock Company (HoSE: VGC) recently released its consolidated financial report for Q3 2025, showing a net revenue of 3.254 trillion VND, up 15% year-over-year. However, the cost of goods sold increased more rapidly, resulting in a gross profit decline of 21% to 692 billion VND. The consolidated after-tax profit for Q3 was 118 billion VND, a 50% drop from 234 billion VND in Q3 2024. The decline was primarily due to seasonal business activities and adverse weather conditions, including major storms such as Ragasa and Bualoi. For the first 9 months, net revenue reached 9.337 trillion VND, up 14% year-over-year, with an after-tax profit of 956 billion VND, a 49% increase. The growth was driven by the profitability of the industrial infrastructure leasing segment and construction materials. Financial revenue also doubled from 52 billion to 104 billion VND, aided by business consolidation and increased investment in Vietnam Float Glass Co., Ltd. By the end of September 2025, total assets were 25.624 trillion VND, and total liabilities were 14.751 trillion VND.