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Gemadept (GMD) profit triples as stocks rebound
General Forwarding & Agency Joint-Stock Co., (GMD) Vietnam’s biggest listed freight-forwarding company, said net profit more than tripled in the first half because of gains in the stock market.
Earnings increased to VND145.6 billion (US$8.2 million), the Ho Chi Minh City-based company said in a statement on its website Tuesday, without giving comparable figures for last year. The company, known as Gemadept, said in July 2008 that net profit was VND39.2 billion ($2.3 million) in the first half of last year.
The benchmark VN-Index has more than doubled to 481.29 from a four-year low on February 24 as investors speculated that a strengthening global economy may help Vietnam’s exports. The index added 59.7 percent in the second quarter, the biggest quarterly gain since the first three months of 2006, according to data compiled by Bloomberg.
“The rebound in the stock market supported our equity investments,” Do Van Minh, Gemadept’s chief executive officer, said in a telephone interview Tuesday from Ho Chi Minh City.
Gemadept didn’t give a breakdown as to how much of its profit came from equity investments.
thanhnien, bloomberg
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