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Listed firms roar back in second quarter
Listed companies have managed to weather the economy’s slowdown, releasing healthy earning reports in the second quarter of the year.
Subsidiaries of the two state-owned construction giants Song Da Corp. and Vinaconex are among listed companies with small capitalization, which enjoyed significant earnings in the quarter.
Song Da No.4 (SD4), listed on the Hanoi exchange, announced its second-quarter profit reached VND3.9 billion (US$228,000), 29 times higher than a year earlier.
It made a total of VND7.8 billion in profit in the first half, tripling the yearon-year figure.
Vinaconex Xuan Mai Co. (XMC) similarly earned VND12.3 billion ($719,000) in the second quarter, doubling last year’s amount, while second-quarter profits of its brother companies Vinaconex No.7 (VC7) and Vinaconex No.1 (VC1) rose 90 percent and 65 percent to VND8.9 billion and VND6.1 billion respectively ($520,000-356,000).
Companies with large capitalization were also booming in the last three months starting April.
Vietnam Sun Corp. (VNS) or Vinasun cabs made a second-quarter profit of over VND30 billion ($1.7 million), showing a hefty increase of 76.8 percent year-on-year. Its earnings in the first six months are equal to over 70 percent of this year’s target.
Property firm Khanh Hoi (KHA) also enjoyed a surge in second-quarter profit, doubling to VND15.4 billion ($900,000) from the first three months of the year, thanks to sales of its newly-built apartment building Khanh Hoi 2.
Vinamilk (VNM), Vietnam’s biggest listed dairy maker, seemed immune to this year’s economic turmoil as its first-half profits rose 32 percent yearon-year to more than VND1 trillion ($58.4 million).
Refrigeration Electrical Engineering Joint-Stock Co. (REE) announced that its second-quarter rose sharply 170 percent from the earlier quarter to VND200 billion ($11.6 million).
The electrical device producer was among 17 firms the Ho Chi Minh Stock Exchange had placed on its “specially-monitored” list after they posted full-year losses in 2008, according to the exchange’s website.
Its large profit came from the provision for devaluation of its equities portfolio, which it has regained after the market recovered.
Stock brokerages also rallied on the back of the VN indexes 49 percent increase this year. Saigon Hanoi Securities Co. earned VND35.6 billion ($2 million) in the second quarter, 10 times higher than the previous quarter.
Viet Dragon Securities Co. almost recouped its loss of VND35 billion in the first quarter, making a second-quarter profit of VND31 billion.
Vietnam’s gross domestic product grew 3.9 percent in the six months through June compared to a year earlier, after gaining 3.1 percent in the first quarter, the General Statistics Office said. The economy expanded 4.5 percent in the second quarter from a year earlier.
Tuong Chau
thanhnien
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