Cavico Minerals sees six-fold profit rise

15-May-2012 Intellasia | VIR | 7:01 AM Print This Post

Cavico Minerals Co (CMI) reported its net profit in the first quarter of this year increased six times compared to the same period last year to VND6.6 billion (US$314,200).

Although revenue decreased 19 per cent, the cost of goods sold increased by 55 per cent, so the company’s gross profit reached VND11 billion, up 248 per cent.

It is estimated that from this month, the Chan Hung iron mine will bring an average monthly revenue of VND10 billion and an average profit of VND4 billion.

Yesterday was the eleventh successive session that CMI hit its ceiling price, nearly doubling to VND9,300.


Category: Business

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