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North Kinh Do stock falls most in 18 months on profit drop
North Kinh Do Food Joint Stock Co. fell the most in 18 months on the Ho Chi Minh Stock Exchange Thursday as profit slipped 88 percent in the fourth quarter.
The net income for the producer of cookies, crackers and other snacks fell to VND3.8 billion (US$217,300) in the three months ending December, Le Cao Thuan, chief accountant and financial manager, said.
The company posted a profit of VND31.7 billion in the fourth quarter of the previous year.
Its shares slumped VND1,100, or 5 percent, to close at VND20,900 on the Ho Chi Minh Stock Exchange, the biggest drop since July 27, 2007.
“Investors were selling the shares on speculation North Kinh Do may have suffered a loss,” Hoang Thach Lan, chief analyst at Ho Chi Minh City-based SME Securities, said.
Profit declined because it had to increase provisions for investment losses, Thuan said, adding it was down 72 percent compared with the previous quarter.
Bloomberg
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