Fertilizer maker Q1 up, sees 2008 fall

Vietnamese fertilizer maker PVFCCo, Vietnam's second-largest listed firm, posted a 77 percent rise in first quarter pre-tax profits but said annual earnings could drop by almost 10 percent.

PVFCCo, or PetroVietnam Fertilizer & Chemicals Joint-Stock Company – an arm of the state-run gas and oil group PetroVientam, gave no reason for the expected decline in 2008 profits.

Pre-tax profit jumped 77 percent to VND425.5 billion (US$26.7 million) in the first quarter as revenues more than doubled to VND1.22 trillion ($75.6 million) .

It said it would invest VND17 billion ($1 million) to buy a 36 percent stake in a new packaging plant, and buy a 15 percent stake worth $6 million in PetroVietnam Vinatex Dinh Vu fiber plant, in the northern port city of Hai Phong.

Shares in PVFCCo closed down 1.9 percent at VND51,000 dong ($3.16) last Friday.

Thanhnien

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