Vingroup's profits up five fold

Property giant Vingroup (VIC) said it earned a revenue of VND3.13 trillion (US$147.6 million), a drop of 17 per cent over last year.

However its net profit during this period reached more than VND4 trillion ($188.6 million), almost five times more.

The jump in profits was due to the selling off of several subsidiaries to other companies.

The group's total assets as of June 30 reached over VND58.5 trillion ($2.7 billion), a rise of VND2.7 trillion ($127.3 million) compared to the end of last year.

This was raised mainly from the Royal City, Times City and Vincom Village projects. 

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