Business Briefs 04 February 2020

04-Feb-2020 Intellasia | | 9:36 AM Print This Post

* Ha Do Group JSC (HDG) plans to buy a solar power project, called SP Infra 1, from Surya Prakash Vietnam Energy Co., Ltd. The purchase will be made through the acquisition of the latter’s entire shares. If successful, Surya Prakash Vietnam would become a subsidiary of HDG. In 2019, HGG made a consolidated net profit of VND842.27 billion on net revenue of VND4.33 trillion, up 32.97% and 34.3% year-on-year, respectively.

* Novaland Investment Group Corporation (NVL) said it had achieved its annual target with after-tax profit rising by 3% to nearly VND3.4 trillion. Last year it handed over more than 3,400 property units mostly at ts major projects, such as The Sun Avenue, Sunrise Riverside and Saigon Royal.

* The Government would increase charter capital by VND10 trillion (US$430 million) for Vietcombank (VCB) and Vietinbank (CTG) in the first quarter of this year, said Deputy Prime Minister Vuong Dinh Hue during a visit to Military Bank for the Lunar New Year last week. As for Agribank (AGR), all its profit in 2020 will be used to increase capital rather than to contribute to the State budget. It was the first time the Government de ailed a roadmap for the banks’ recapitalization since 2016 when the banks asked for the increase.

* Saigon Thuong Tin Commercial Bank (Sacombank) reported that its consolidated pre-tax profit reached VND3.2 trillion (US$137.8 million) last year, more than 21 % higher than its target. It has assets of nearly VND453.6 trillion, deposits of over VND410.33 trillion and outstanding loans of VND296 trillion. The bank had 5.3 million customers using its cards, with profits from card operations rising by more than 38%.

* PetroVietnam Construction Joint Stock Corporation (PYX) said its consolidated loss sank 49.39% year-on-year to VND81.11 billion (US 3.4 million) in the fourth quarter of 2019, marking the third consecutive quarter of loose. PVX’s net revenue slumped 72.2% to VND315.72 bill on in the quarter. The firm suffered a gross loss of VND148.24 billion in the period. The firm incurred a consolidated loss of VND198.27 billion on net revenue of VND1.94 trillion in 2019. PYX shares would be de-listed due to three consecutive loss-making years in case there is no major change in the upcoming audited financial reports.


Category: Business, Vietnam

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