PHR likely to miss annual profit target

Phuoc Hoa Rubber Co (PHR) is unlikely to reach its profit target set for the whole year as first-half profit was estimated at VND170 billion (US$8 million), just 34 per cent.

Rubber contributed 57 per cent of the total profit. In the first six months of the year, the company sold over 10,511 tonnes of latex products at an average price of VND60.53 million ($2,882) per tonne.

As the price of rubber declined sharply in June, the company said it plans to manage the selling price in a more flexible manner.

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