Developer rises most in two weeks on profit, listing move

Kinh Bac City Development Share Holding Corp., Vietnam’s biggest developer by market value, rose the most in two weeks in Hanoi trading after it said it expects profit to rise 16 percent this year.

The stock yesterday climbed 6.7 percent to VND42,800 on the Hanoi Securities Trading Center, the most since April 15.

Kinh Bac expects 2009 net profit to rise to VND316 billion (US$17.8 million) as it forecast the cost of construction materials to fall by about half this year, according to deputy chief accountant Pham Phuc Hieu.

Kinh Bac, based in the northern province of Bac Ninh, also plans to move its share listing from the Hanoi Securities Trading Center to the Ho Chi Minh Stock Exchange this year, Vietnam’s main bourse, according to a company statement e-mailed Monday.

thanhnien, Bloomberg

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