Property developer Vinhomes reported a 17-percent decline in profits in the first quarter to VND5.89 trillion (US$256.8 million).
Net revenues were down 9 percent to VND14.28 trillion, according to its consolidated financial statement.
Around 62.5 percent of its revenues, or VND8.92 trillion, came from the sale of three housing projects, Ocean Park, Smart City and Grand Park.
Its selling expenses were down, but administrative expenses rose by over 60 percent.
The company, a subsidiary of conglomerate Vingroup, eyes revenues of VND75 trillion and profits of VND30 trillion this year, according to a document it circulated among shareholders.
