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Thu Duc earns 2008 profit in excess of target
Real estate developer Thu Duc Housing Development Corp. has said its 2008 profits exceeded the annual target as it was able to complete all its projects and embark on new ones this year.
The corporation’s stock has risen the most in the last three weeks.
Net income rose to more than VND180 billion (US$10 million) last year, Chairman Le Chi Hieu said, VND15 billion more than 2007. It had said last August that it expected earnings of VND162 billion for 2008.
“We had relatively good profit last year mainly because we had a well-prepared business plan, helping us to limit the effects of the global recession,” Hieu said. “All of our planned projects were done on schedule and we even had some more projects planned for 2009.”
In related news, the Ho Chi Minh City Investment Fund for Urban Development (HIFU), which holds the state-owned shares in the construction firm, said on the exchange’s website that it has canceled the sale of 330,000 shares since share prices fell “heavier than expected”.
HIFU, which owns 2.24 million shares in Thu Duc, had earlier registered to sell the 330,000 shares before December 31, 2008.
The shares last Friday climbed VND1,400, or 4.9 percent, to VND30,100, the most since December 15. The stock was the third-biggest gainer on the benchmark VN Index, which fell 0.7 percent.
Thu Duc lost 77 percent last year, more than the 66 percent slump in the VN-Index.
TN, Bloomberg
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