The Viet Nam Dairy Products Joint Stock Company (Vinamilk) posted an after-tax profit of nearly VND10.3 trillion (US$452.5 million) last year, an increase of 9 per cent year-on-year. The company’s total revenue in 2017 reached over VND51 trillion, also up 9 per cent against 2016. Vinamilk reported a revenue of VND12.35 trillion in the fourth quarter of 2017, an increase of 4.6 per cent year-on-year. The company earned VND1.73 trillion in after-tax profit, down 5.4 per cent compared with the same period last year. Also compared with the same period last year, the company’s interest expense in the last quarter of 2017 fell sharply from VND19.5 billion to just over VND5 billion. However, the cost of sales during this period increased slightly to VND3.2 trillion, bringing the total selling expense of the whole year to VND11.5 trillion. Thus, it is estimated that in 2017, Vinamilk had to spend some VND31 billion per day on selling expenses. Vinamilk’s corporate management expense in the fourth quarter jumped to VND528 billion, while the figure for the same period last year was VND296 billion. — VNS
The ministry said it has received proposals for an adjustment in power tariffs from the ministries of Finance, Planning and Investment and the State Bank of Viet Nam.The ministries all strongly support the rise in tariff to 9.5 per cent, which is the only proposed change since August 2013.Chairman of the Viet Nam Energy Association Tran Viet Ngai said the current power tariff is much lower than the market price. The average price of VND1,537 (7.2 US cents) per kWh is equivalent to only 75 to 80 per cent of the market price. The electricity industry's profit margin is still…... [read more]
Samsung Electronics Co. said Friday it expected to post a record operating profit of 10.1 trillion won ($9.4 billion) in the third quarter of this year. Analysts said rising memory chip and semiconductor prices were likely the main growth driver in the July-September period, as Samsung's flagship Galaxy S smartphones struggle in the increasingly saturated high end of the global smartphone market. Samsung's strength in the market for cheaper smartphones was also a factor, they said. Shortly after the opening bell on Seoul's KOSPI stock index, Samsung shares were trading up 1.2 percent at 1.43 million won. The third quarter…... [read more]
VIB pre-provision profit rises 26% in Jan-Sept The Saigon Times Daily HCMC - Vietnam International Bank (VIB) has said that its accumulated profit before provision in the first nine months of this year soared almost 26% against the same period last year to VND940 billion (US$42.1 million). According to a statement issued by the lender, its total outstanding loans had amounted to more than VND53.37 trillion by end-September, an 11.7% pickup from early this year. Total deposits at the bank had reached around VND59.78 trillion, a 12.1% increase. VIB's total assets had totaled VND88.61 trillion by September 30, up 5%…... [read more]
Luxury hotels report strong profit rise Thu Nguyet By Thu Nguyet - The Saigon Times Daily HCMC – Luxury hotels in Vietnam have reported good business results with a significant increase in pre-tax profit in the last fiscal year, shows annual research on hotel services conducted by audit and financial consulting firm Grant Thornton Vietnam. The research, released last week, reveals the EBITA (earnings before interest, taxes and amortization) index of three- to five-star hotels last year rose 5.8% over 2012 and accounted for 34% of their total revenues compared to the figure of around 28.2% in 2011 and 2012.…... [read more]
Joint-Stock Commercial Bank for Foreign Trade of Vietnam, the first state-owned lender to sell shares, said pretax profit rose 9.7 percent last year as loans and deposits increased. Profit rose to VND3.4 trillion (US$194.6 million), Nguyen Phuoc Thanh, the Hanoi-based bank's chief executive officer, said in an interview Thursday. Pretax profit at Vietcombank, as the lender is known, was VND3.1 trillion ($176.9 million) in 2007. Vietcombank's credit and deposits were still "relatively good," though the central bank imposed a tighter monetary policy last year, Thanh said. Credit growth was at 16.3 percent while deposits rose 11.7 percent, he said, without…... [read more]
