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PetroVietnam insurance says 9-mth net up 40 pct
PetroVietnam Insurance Corp. (PVI), Vietnam’s third-largest insurer, said Monday its net profit in the first nine months of the year jumped 40 percent thanks to investments and an expanding business.
Hanoi-based PVI’s net profit rose to VND209 billion (US$12.7 million) as the firm expanded beyond its traditional business of insuring companies in the oil and gas industry, Deputy General Director Bui Ngoc Thang said.
Shares in PVI gained 6.58 percent to close at VND24,300 Monday as the Hanoi Securities Trading Center lost 1.74 percent to close at 112.88 points.
PVI owns a majority of shares in its subsidiaries, PVI Invest and PVI Finance, and also plans to buy a large volume of shares in PetroVietnam Securities, he said without elaboration. None of the companies are listed.
PVI has projected revenue this year to rise nearly 38 percent to VND2.4 trillion, of which more than VND1 trillion would come from insurance premiums in sectors outside the energy industry, Thang said.
Thanh Nien, Reuters
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