Vinaconex profits halved after financial review

First half profits for construction giant Vinaconex (VCG) were slashed by more than 50 per cent following a financial review, downd from VND221 billion (US$10.5 million) to VND101.8 billion ($4.8 million).

The 54 per cent shortfall, revealed by auditors of Deloitte Viet Nam, was attributed to lower than expected returns from VCG's associated companies after the review, as well as the unrealised profit from the group's construction of the Bac An Khanh urban area in Ha Noi.

Auditors also noted that VCG's potential liabilities related to the financial settlement after inspection of the group's equitisation.

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