HCM City Infrastructure Investment Joint Stock Company (CII) posted an consolidated net profit of VND149 billion in the second quarter of this year, compared to a consolidated net loss of VND98.2 billion in Q2/2011.
The company attributed its profit to higher revenue and lower costs during the period.
Specifically, CII’s net revenue reached VND47.2 billion during the quarter, rising 7.75 percent from VND43.8 billion a year ago thanks to higher fee income. Besides, the firm earned VND180.98 billion from financial activities in Q2/2012, nearly doubling Q2/2011′s figure due to higher interest income and dividends.
Meanwhile, its financial cost fell 70 percent on year to VND57.5 billion because of lower interest expense and provision for financial investments in the period.
General and administrative expenses declined slightly y-o-y to VND4.68 billion thanks to the company’s effort to cut costs.
In H1/2012, CII posted a consolidated net profit of VND224.1 billion on net revenue of VND98.6 billion against a net loss of VND7.34 billion and net revenue of VND93.85 billion in H1/2011.
The STC-listed firm had total assets of VND5.3 trillion at the end of the period from VND5 trillion at the beginning of the year, according to its balance sheet.
On August 16, CII closed down 2.3 percent at VND34,700/share; or trailing P/E at 8.49x, the StoxPlus data showed.