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Ocean Group targets VND1 trillion profit
Ocean Group Joint Stock Company (HOSE: OGC) announced late last week its business results for 2010 and a business plan for 2011. Under the plan, the group set targets of VND4.6 trillion (US$235 million) in sales revenue, up more than 200 per cent over the previous year, and pre-tax profit of VND1trillion ($51.2 million).
OGC is involved in many areas including financial resources, securities, real estate, hospitality and media. It has a charter capital of VND2.5 trillion (Over $128 million). As part of a five-year strategy, OGC will maintain and promote its real estate and finance arms with the aim of becoming Viet Nam's leading diversified commercial group.
Chairman of the board Ha Van Tham said in 2011, the group's revenue and profits would grow substantially, and they would speed up the implementation of real estate projects while expanding investment activities.
Tham said the group was currently implementing a number of major real estate projects such as StarCity Centre, StarCity Le Van Luong, VNT Ha Dinh, PVN Tower in Ha Noi, Saigon Airport Plaza and Thu Thiem 2 Bridge in HCM City.
In 2010, OGC made a total revenue of VND2.24 trillion ($115 million), up 10 per cent against its annual target and 7.6 times more than 2009.
According to Tham, the group's profits rose sharply from real estate and finance activities.
The group's Oceanbank made a pre-tax profit of VND691 billion ($35.4 million), 133 per cent of its annual target.
The bank has a total capital of nearly VND55.2 trillion ($2.8 billion).
vietnamnews
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