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Vinamilk net up by one third
Vinamilk, Vietnam’s top dairy firm, reported a 33 percent year-on-year rise in net profit in the first eight months of the year to VND932 billion (US$56.5 million).
The Ho Chi Minh City-based company, the second-largest firm on the country’s main stock exchange, said Friday its January-August revenue rose 25 percent to VND5.47 trillion ($331 million).
“Despite high inflation, demand for dairy products in the domestic market still increased,” Le Quan Thanh Truc, finance head of Vinamilk, told Bloomberg by phone from HCMC.
Chief Executive Officer Mai Kieu Lien said in a statement the net profit for the eight months made up 81.8 percent of the company’s target for the whole of 2008.
The results are unaudited.
In July, Vinamilk said its profit growth was driven by domestic demand while exports soared 149 percent in the first half of 2008.
On Friday, the company’s shares fell 1.9 percent, having lost 39 percent so far this year.
The market index shed 4.2 percent.
Vinamilk has projected full-year net profit to rise more than 18 percent to VND1.14 trillion ($69 million) in 2008 and revenues to jump 23 percent to VND8.2 trillion ($496 million).
The company has 175 million shares outstanding, with a market value of VND18.2 trillion ($1.1 billion).
Thanhnien
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