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Danang Rubber’s first-half income already triple 2009 target
Danang Rubber Joint-Stock Co., Vietnam’s third-largest listed maker of rubber products, said first-half net income more than tripled its full-year forecast, according to a senior official at the company.
The figure rose to VND175 billion (US$9.8 million) over the period, said financial department deputy head Tran Thi Ly Le.
“We benefited from the government’s interest-rate subsidy program that allows us to borrow money at low costs,” Le said by phone from Da Nang Thursday. “The declines in oil and rubber prices also helped increase our profit margins,” she said.
The company also reported “significant increases” in the domestic sale of tires for heavy trucks, Le said. First-half income was almost five times higher than the same period last year, according to the company’s reports.
Danang Rubber expects net income of VND130 billion in the second half, raising its full-year target to VND305 billion, almost six times higher than a previous projection of VND52 billion, according to Le. The company posted the projection on its website on March 24.
The company’s shares advanced 4.9 percent to close at VND85,500 on the Ho Chi Minh Stock Exchange, the highest since June 29.
thanhnien, Bloomberg
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