Minh Phu Seafood says Q1 profit more than double

Minh Phu Seafood Joint Stock Company (MPC), Vietnam’s second-biggest listed seafood company, said net profit more than doubled in the first quarter from a year earlier.

Profit increased to VND49 billion (US$2.8 million), compared with VND20 billion a year earlier, company spokesman Bui Si Tuan said Wednesday.

“Seafood sales in the first quarter were good despite the economic problems and we have also sold most of our securities investments to focus on our core business,” Tuan said.

The company, based in the southernmost province of Ca Mau, plans to sell all of its remaining stocks by the end of the second quarter, he said.

Minh Phu’s sales rose 23 percent to VND464.6 billion in the January-to-March period from the same period last year, Tuan said.

thanhnien, bloomberg

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