Song Da Urban profit slumps on provisions

Song Da Urban & Industrial Zone Investment & Development Joint Stock Co., a maker of construction materials, posted a 51 percent drop in net profit last year to VND175 billion (US$10 million).

The decline was due to provisions for equity investment losses, company figures showed on its website. Song Da, whose shares slumped 78.4 percent in 2008, set aside almost VND18 billion, bringing financial costs last year to VND38.3 billion, compared with VND2 billion a year earlier.

Net sales fell to VND422.3 billion, from VND708 billion in 2007, it said.

Bloomberg

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