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Hoang Anh Gia Lai says first half pretax down 18%
Hoang Anh Gia Lai Joint-Stock Company (HAG) Vietnam’s biggest listed property company, said first-half pretax profits dropped 18 percent from a year earlier to VND762 billion (US$43 million).
“We had to lower our profit margins since the end of last year because of the domestic economic slowdown,” Company Deputy General Director Vo Truong Son said. “We launched more projects in the same period in 2008 and sales were much better.”
Still, Hoang Anh Gia Lai, based in the Central Highlands province of Gia Lai, increased its full-year net income forecast to more than VND1 trillion from VND863 billion, Son said by phone from the province’s Pleiku Town Tuesday.
First-half income comprises 66 percent of the full-year target, and sales of furniture and granite products have been better than expected, Son said. If the planned sale of 1,000 more apartments in Ho Chi Minh City goes as planned, income will be higher than the VND1 trillion projection, Son said.
thanhnien, bloomberg
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