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Hoang Anh Gia Lai outlines big plans
The Gia Lai Province-based Hoang Anh Gia Lai Corp , listed on the HoSE as HAL, will make substantial investments in four major areas until 2012 - real estate, rubber plantations, hydropower generation and mining.
Shareholders attending the corporation's annual general meeting in HCM City this week agreed on the goal to complete building 2.5 million sq.m of apartments, retail area and office space.
Offices will represent 30 per cent of the total area.
Several projects will start this year and next, including residential projects in HCM City and Gia Lai, an office high-rise in the city and a complex in Da Nang.
All the projects will be completed in 2012 and 2013.
Chairman Doan Nguyen Duc said he acquired the land lots for the projects long ago, so the prices were very low compared to current prices.
Another advantage was that the corporation owned wood processing and granite stone factories, as well as a construction company.
It has a potentially large wood source from Laos, about 300,000 cu.m. The Lao Government has allowed exploitation of land for planting rubber trees; as well as a three-year quota of wood worth US$15 million the Lao Government has agreed to as repayment for the loan provided by HAL for developing the SEA Games Village in Vientiane.
About 31,000 ha of rubber trees will be planted in Gia Lai and Dak Lak provinces and neighbouring Laos in 2012.
More than 7,000ha have already been planted.
HAL also plans to develop several hydropower plants with a combined capacity of 300MW in Tay Nguyen (Central Highlands), Thanh Hoa and southern Laos by 2012. Two plants are expected to begin operation by the end of this year or in early 2010.
It will apply this year for licences to exploit iron ore mines with a total reserve of 20 million tonnes.
HAL, with a charter capital of VND1.798 trillion (US$ 100 million), targets a gross profit of VND1.15 trillion this year for net profits of VND863 billion, compared to VND765 billion last year.
It expected to earn VND2.5 trillion in pre-tax profits last year but only gained a little more than VND1 trillion, mainly due to the collapse of the real estate market.
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