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Thuan An wood meets profit target, forecasts ‘promising’ 2009
Thuan An Wood Processing Joint-Stock Co., a furniture manufacturer and trader, said it met last year’s profit target and export orders point to a ‘promising’ performance in 2009.
Its stock rose to almost a two-month high.
The company met its 2008 earnings target of VND7.5 billion (US$429,000), said Le Thi Xuyen, chief accountant of Thuan An Wood, which is based in Binh Duong Province near HCMC.
“Next year is promising since we have signed export orders for about $10 million,” she said in a telephone interview.
The firm’s shares gained for a sixth day, rising 300, or 3 percent, to close at VND10,300, its highest level since November 6 on the Ho Chi Minh Stock Exchange.
Vietnam’s furniture exports to the US climbed 19 percent to $1.19 billion in the 10 months through October, according to data from the US International Trade Commission. Furniture shipments to the US rose 36 percent in 2007 to $1.23 billion, pushing the product past shoes as Vietnam’s No. 2 export to the world’s biggest economy after clothing.
Thuan An Wood has more than 10 million shares outstanding and a market value of VND104 billion, according to data compiled by Bloomberg. Their price has fallen more than 72 percent this year.
Bloomberg
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