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HCMC Infrastructure (CII) rises to 14-month high on forecast
Ho Chi Minh City Infrastructure Investment Co. (HoSE: CII) rose to its highest in more than 14 months after forecasting that declining costs would help nearly double net profits for the first six months this year.
Shares rallied for a fourth day, climbing VND2,000, or 4.9 percent, to VND43,000, the highest since March 14, 2008, on the Ho Chi Minh Stock Exchange.
The HCMC-based construction and property company raised its net profit forecast to more than VND110.6 billion (US$6.2 million), compared with VND57.5 billion in the first half last year, according to a company posting on its website. Last month, it forecast profit would rise 51 percent to VND87 billion.
Costs may fall to VND55.6 billion, from VND116 billion in the same period last year, it said in the statement. It did not give any reason for the expected drop.
thanhnien, Bloomberg
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