Vietnam Property Giant Posts Profit of VND765 Bln in 2008
The Vietnamese giant property developer, Hoang Anh Gia Lai Corporation (HAGL), announced its audited business results, with net profit of VND765.3 billion (US$45.1 million) and revenues up 18.6 per cent to VND1.9 trillion last year.
The company’s total assets reached VND8.87 trillion by the end of 2008, an increase of 40 per cent from the beginning of the year. It had VND3.7 trillion in equity, including 1.6 trillion in share capital surplus.
The Ho Chi Minh Stock Exchange-listed HAGL targets to obtain pretax profit of VND1.1 trillion in 2009, its chairman Doan Nguyen Duc revealed.
The company has recently received a green light to establish a joint venture firm, which has a total capital of US$20 million in which HAGL contributes 80 per cent, to build apartments, luxury hotels and plant rubber in Laos.
Hoang Anh Gia Lai shares, with EPS of VND3,923 in 2008, closed down at VND54,000 Wednesday, up 12.5 per cent from its first trading session on the exchange. (Vietnam Economic Times)
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