Investment in affiliates boost REE profits

Refrigeration Electric Engineering Co (REE) said it achieved a net profit of VND529.4 billion (US$24.9 million) in the second quarter thanks to investment in affiliates.

The company's revenue declined 9 per cent over the same period last year to VND610 billion ($28.7 million). However, profits from investment activities in affiliates reached VND382 billion ($18 million), driving the total profit up almost 3.5 times.

The affiliates include Pha Lai Thermal Power (PPC), Deo Nai Coal (TDN) and Nui Beo Coal (NBC).

Accumulated for the first half of this year, REE had a revenue of VND1.12 trillion ($52.8 million), down 5 per cent, while earned a profit of VND639.6 billion, up 58 per cent.

The company completed only 47 per cent of the year's revenue plan but already 98 per cent of profit target.

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