Song Da Corp. Expects US$687Mln Earnings This Year

The Song Da Corporation, one of the leading construction firms in Vietnam, expected to obtain VND11 trillion ($687 million) in 2007, of which $470 billion will be contributed to State coffers, said the firm’s general director Duong Khanh Toan.

 

The corporation also aims for a pre-tax profit worth VND500 billion in the year, representing an annual growth of 19 per cent.

 

In order to realize the targets, the construction firm will strive to finish irrigation projects in Son La, Tuyen Quang, Ban Ve and Nam Chien and part of residential area in Nam An Khanh, and bring its Ha Long cement factory into use.

 

Song Da Corp. this year is to expand to new markets and join hands with partners to carry out major power generation and infrastructure projects.

 

It will reorganize its parent subsidiary companies, Toan said, noting that a blueprint to establish the Song Da Group will be submitted to the Prime Minister the months to come.

 

He also added that the corporation is also working out a plan to equitise its parent company in 2007.

 

Another plan is being formulated to set up the Song Da Finance Company with paid-in capital of VND300 billion ($18.8 million), which will provide deposits, issue bond bills and certificates of deposits, offer loans and invest in projects. It will also provide consulting services on investment, asset management, business administration, and act as an agent for bond issuance and insurance companies.