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Property firms build up hopes
HCM City-based real estate companies are hoping 2010 will be much better than last year and have drawn up ambitious financial targets.
Transport Engineering Construction and Business Investment Joint Stock Company 584 targets a net profit of VND154.4 billion (US$8 million) on a turnover of VND1.15 trillion against last year's VND72.2 billion ($3.8 million) and VND328 billion ($17.3 million) last year.
Its Chairman, Tran Kim Hung, said the company was the developer or co-developer of 11 real estate projects in the city.
To achieve its targets, the company would work on completing legal procedures to ensure all the projects would be completed on schedule, he said.
It also plans to participate in some transport infrastructure projects like construction of the Trung Luong-My Thuan Expressway, the Sai Gon-Long Thanh-Dau Giay Expressway, and a section of the Gia Nghia-Binh Phuoc Road.
Hoang Anh Gia Lai Group has set itself a pre-tax profit target of at least VND2.7 trillion ($142.1 million) this year, 57 per cent higher than in 2009, according to its chairman, Doan Nguyen Duc.
Duc hoped profits would be higher due to sales of units at its four apartment projects that will start this year. The Cotec Investment and Land House Development Joint Stock Company (Cotec Land) has set its sights on a profit target of VND39.6 billion ($2.1 million), or 10 per cent higher than last year's figure.
To achieve this, the company plans to increase its capital to VND150 billion, enter into deals with strategic partners like District 4's Utilities Services Joint Stock Company to invest in the Blue Saphia Tower Vung Tau and with Thanh Loan Company to develop Blue Saphia Resort Phan Thiet.
vietnamnews
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