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Vinamilk profit jumps 28 percent on domestic sales
Vietnam Dairy Products Joint-Stock Co., the country’s second-biggest company by market value, said profit jumped 28 percent last year as local sales increased.
Net income climbed to VND1.23 trillion (US$70.4 million), from VND963 billion in 2007, the company, known as Vinamilk, said in an e-mailed statement Thursday. Revenue rose 26 percent to VND8.4 trillion.
“Profit rose after an increase in earnings from domestic sales, which accounted for more than 80 percent of our total income,” Tran Bao Minh, the company’s deputy chief executive officer, said by telephone from Ho Chi Minh City Thursday.
The company’s sales in Vietnam rose about 22 percent last year.
The government asked companies to focus on domestic expansion last year, amid concern the deepening global economic crisis will damp demand for exports. Policy makers also urged banks to provide cheaper loans to local companies.
HCMC-based Vinamilk, which makes products including condensed and fresh milk, yogurts and ice cream, and exports to Cambodia and the Middle East, expects profit to rise to VND1.5 trillion in 2009, and sales to reach more than VND9 trillion, according to the statement.
Bloomberg
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