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Gas supplier lists shares in HCM City
Gas supplier MTGas Joint Stock Company (MTG) on Jan. 15 became the latest firm to list at the HCM Stock Exchange, bringing the total number of companies on the board to 172.
The firm, with a chartered capital of 80 billion VND (4.5 million USD), provides liquefied petroleum gas and petrol to industrial and household customers. It also engages in goods transportation, warehouse business, infrastructure development, real estate and financial investment.
The company has a LPG storehouse network capable of 1,320 tonnes.
This company, headquartered in the southern province of Long An, earned a net profit of 1.5 billion VND in the first nine months of 2008 with a turnover of 106 billion VND. This was down from the 12.7 billion VND it earned in 2007 when its revenue was 103 billion VND.
MTGas Chairman Le Tu Minh said 2008’s lower profit resulted from the strong fall in global prices. The company purchased when the price was high but then sold when the price was low.
Another factor negatively affected MTGas’s performance was the downfall of the country’s stock market, as the company also had some financial investments.
MTGas has joined with domestic and foreign partners for two industrial parks, which will include LPG and LNG (Liquefied natural gas) storehouses and wharves, in Long An province.
“We will invest around 10 percent in the 120-ha Tan Tap Energy Industrial Park and 20 percent in the 143-ha Phuoc Dong Industrial Park Project,” Minh.
vna
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