Fecon Foundation Engineering & Underground Construction Joint Stock Co (Fecon) has released the H1 audited financial reports with accumulative after tax profit of 40.2 billion dong, equivalent to EPS of 3,765 dong per share.
In comparison with the same period last year, the revenue gained from financial activities dropped sharply from 19.9 billion dong to 2.8 billion dong. Conversely, the lending costs rose from 4.3 billion dong in H1 of 2010 to 12.4 billion dong.
This year, the sales cost and enterprise management costs surged considerably. Especially, the sales costs in Jan-June period saw an increase of 10 times higher from over 880 million dong to 9.5 billion dong. The enterprise management costs rose by 80 percent year-on-year from 10.8 billion dong to 18 billion dong.
On August 2, 2011, Fecon signed the joint venture contract with Japan-based Chikami Miltec Co for building a new factory in Long An province.
This year, Fecon set targets to reach total revenue of 850 billion dong and after tax profit of 80 billion dong. The company also planned to list shares on the stock market under the share code of FCN.