Business Briefs 06 May 2019

06-May-2019 Intellasia | | 11:53 AM Print This Post

* Hoang Anh Gia Lai Joint Stock Company (HAG) has reported revenue of over VND410 billion in the first quarter of this year, less than half the figure in the same period last year and the lowest for the second quarter since 2012. Its net profit reached VND21.5 billion, plummeting 62 percent over the year-ago period. In the first three months, HAG’s fruit sales plunged 60 percent year-on-year to VND199 billion. Meanwhile, its rubber sales surged to VND 10 1 billion from VND38 billion in January-March last year. However, it had to pay VND328 billion in loan interest and cover sale and corporate management costs of nearly VND204 billion.

* The local securities market was valued at $175 billion last year, 1.33 percent at YKD29, 700, the lowest of the which is much smaller than other regional markets and has yet to fully match the country’s potential, deputy minister of Finance Tran Xuan Ha said at a discussion at the Vietnam Private Economic Forum 2019. The ministry will         propose the National Assembly amend the Securities and Insurance Business Laws, restructure the stock and insurance markets, including the merger of the nation’s two stock exchanges, accelerate State capital divestment, issue accounting standards meeting international requirements, and develop new products.

* Thanh Thanh CongBien Hoa Joint Stock Company (SBT) has passed a plan to issue VND500 billion worth of inconvertible bonds in a private placement. The one-year bonds will carry a fixed interest rate of 10.5 percent per annum. The debt sale is expected to take place this month.

* CMC Joint Stock Company (CVT) will close its shareholder list on May 14 to pay a 2018 cash dividend of 25%. Thus, the company will have to spend VND91.73 billion on the dividend payment, which will be made from June 26.

* Mobile World Investment Corporation (MWG) made more than VND25 trillion in consolidated revenue and over VND 1 trillion in consolidated after-tax profit in the first three months of the year, up 10 percent and 29%, respectively, over the same period last year and equivalent to 23 percent and 29 percent of the full-year targets.


Category: Business, Vietnam

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