Gemadept says Q1 profit down 19 percent

General Forwarding & Agency Joint Stock Co., Vietnam’s biggest listed freight-forwarding company, said pretax profit fell 19 percent in the first quarter because of a decline in the value of its stock investments.

The profit fell to VND33 billion (US$1.85 million) in the January-March period, from VND40.6 billion a year earlier, CEO Do Van Minh said in a telephone interview from Ho Chi Minh City Monday.

Gemadept, as the company is commonly known, had to make a provision of VND6 billion for losses on its own stock investments in the first three months, Duc said. “However, the profit was still higher than our expectation,” he said, adding that it had expected a 30 percent decline in profit.

The HCMC-based company’s revenues dropped 7 percent to VND407.8 billion, he added.

thanhnien, bloomberg

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