Vietnam's KBC sees lower net profit in 2011

Kinh Bac City Development Corporation (HoSE: KBC), one of Vietnam's biggest listed real-estate developers, expects a 9 percent net-profit fall this year to VND1 trillion ($47.8 million), the company said.

Revenues in 2011 would rise 20.5 percent to VND2 trillion, it said in a report this month prepared for its annual shareholder meeting. It did not give any reasons for a lower profit projection.

Shareholders approved the company's business targets, including the lower profit target for 2011, at a meeting on April 23, the Vietnam Economic Times newspaper said in an online report on Monday.

Last year Kinh Bac City Development Corporation reported net profit soared 79.5 percent from 2009 to VND1.11 trillion.

Its shares were trading up 2.4 percent at VND25,600 each at 3:48 GMT on Monday.

hnx, Reuters

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