Property developer profit ups 33% on rentals
Source: 29-APR-2008 Intellasia | Bloomberg
Apr 29, 2008 - 7:00:00 AM Vincom Joint-Stock Co., a Vietnamese real estate developer, said first-quarter profit rose 33% on increased office rentals and higher revenue from advertisements placed in the company's premises.

Net income surged to 38 billion dong (US$2.4 million) in the three months ended March 31, from 28.5 billion dong (US$1.77 million) in the year-earlier period, the Hanoi-based company said this week.

Sales rose to 53 billion dong (US$3.29 million) from 43 billion dong (US$2.67 million).

A "wide range" of clients signed contracts to rent stalls at higher rentals and "many'' contracts were secured for partners to post promotional posters in and outside Vincom's buildings, the company said, without providing more details.

Vincom shares gained 1,500 dong (US$0.09), or 1.7%, to 90,500 dong (US$5.6) on the Ho Chi Minh Stock Exchange, the country's main board.

The property developer has 120 million shares outstanding, and a market value of 11 trillion dong (US$684 million), making it the seventh-biggest company on the STC, according to data compiled by Bloomberg.