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Steel pipe maker says profits on target
Asia Huu Lien Joint Stock Co., a manufacturer of steel pipes, will meet last year’s profit target, its chief financial officer Phan Van Dung has said.
Net income was VND45 billion (US$2.57 million) in the first 10 months against last year’s target of VND52 billion, Dung said in a telephone interview from Ho Chi Minh City where the company is based.
“All our business indicators, including stockpiles and debt, are still good and we believe that the profit target will be met,” Dung said. “The global economic slowdown hurt our businesses less than many other companies.”
Asia Huu Lien shares trod water at VND12,600 after three days of advancing.
The company has a market value of VND239 billion ($14 million), according to data compiled by Bloomberg.
The company reduced its stockpiles starting in the second quarter, and held off signing new contracts to “avoid being hurt by the volatility in commodities prices,” Dung said.
A recession in the US, Germany and Japan is curbing global demand for commodities, with the S&P GSCI index of 24 raw materials dropping 46 percent in 2008.
Bloomberg
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