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Businesses flourishing more than expected
We now know how listed companies performed in the first part of the year. The bright picture of the first half of the year has prompted companies to adjust yearly business targets.
A lot of companies have nearly fulfilled yearly business target already.
Hoa Phat Group, for example, fulfilled 87 percent of its business target in the first five months of the year with the profit of 506 billion. The group now plans to obtain 650 billion dong worth of post-tax profit, or 12 percent more than its original plan.
The Petroleum Materials Company (Comeco) earlier this year set the business target of 17.5 billion dong. However, the company reaped 12 billion dong in just four months of operation, fulfilling 68.82 percent of its yearly plan.
The Pha Lai Thermopower Plant (PPC) has also announced much better business results than expected with pre-tax profit in the first five months of the year reaching 500.2 billion dong, fulfilling 168 percent of its yearly plan. It took the Refrigeration Engineering Enterprise (REE) five months to fulfill 60 percent of its yearly pre-tax profit target with 150 billion dong.
Especially, enterprises in the banking and finance sector have seen satisfactory business result in the first half of 2009 in comparison with the end of 2008. Saigon Thuong Tin Bank has recently announced the pre-tax profit of 660 billion for the first five months of the year, while Asia Commercial Bank has reported the profit of 900 billion. The demand stimulus packages with the interest rate subsidy programme have clearly benefited banks.
Nguyen Bang Tam, Deputy Chairman of the Listed Companies’ Club, said that most listed companies on both bourses reported satisfactory business results for the first six months of the year.
Many companies were too cautious when setting business targets for this year as they were warned about the prolonged economic difficulties. However, the economic downturn has not had as much impact on them as they feared.
“Input material prices have been stable which has helped businesses. Corporate governance skills in dealing with crisis have improved,” Tam said. “In addition, the demand stimulus packages have helped a lot.”
A recent survey by the Listed Companies’ Club shows that the demand stimulus packages have met 20-30 percent of the demand for capital.
Tam affirms that from now to the end of the year, if no unforeseen changes occur, like the return of high inflation or a capital shortage, the business of listed companies will be even better.
VietNamNet, VNE, VnMedia
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