Long An Food (LAF) posts net loss in first half

Long An Food Processing Joint-Stock Co., Vietnam’s biggest listed cashew processor and exporter, posted a first half net loss of VND5.5 billion (US$308,700), said the company’s Chairman Nguyen Van Chieu.

The loss came after posting a net income of VND10.6 billion a year earlier.

“Many clients overseas just turned back on their orders last year because of the financial crisis so we were stuck with a large stockpile of raw materials bought at high prices,” Chieu, who is also the company’s general director, said by phone Thursday. “We had to sell our products at a loss in the first five months this year.”

The company, based in the Mekong Delta province of Long An, started making profit in June and will still meet its full-year net income target of VND8.3 billion, according to Chieu.

thanhnien, blomberg

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