Business

Listed firms turn high profits in HCM City

The number of companies making high-profit growth has risen this year on the Hochiminh City Stock Exchange, proving their faith in economic development prospects this year.
The number of companies making high-profit growth has risen this yearon the Hochiminh City Stock Exchange, proving their faith in economicdevelopment prospects this year.

Compared to the modest growthtargets of just 5-10 percent last year, many listed companies havedeclared growth targets of 30-150 percent.

Mobile WorldInvestment Corporation (MWG) has set high financial targets. It expectsto lift its consolidated revenue this year to 23.59 trillion VND (1.1billion USD) and make a total net profit of 886 billion VND (41.4million USD), an increase of 50 percent in revenue and 31 per cent inprofit compared with the targets of 2014.

At the annualshareholders' meeting last week, MWG's chairman, Nguyen Duc Tai, saidthe company was gearing up to boost its size and that this would provideemployees with better benefits.

MWG is Vietnam's biggestmobile-phone retailer with 361 stores across the nation. Last year, itreported a total sale of 15.756 trillion VND (739 million USD) andafter-tax profits of 673.7 billion VND (31.5 million USD).

Techno-AgriculturalSupplying Company (TSC) also expressed high hopes for the year bysetting its revenue target to rise 113 per cent and net profit to growby 67 percent compared with 2014.

Its total sales this year areexpected to reach 1.01 trillion VND (47.2 million USD) while net profitwill likely go up to 117 billion VND (5.5 million USD).

Accordingto the company's general director, Phan Minh Sang, the targets arechallenging but attainable. TSC plans to boost investments in food andagricultural chemical businesses with a focus on expanding its domesticdistribution network while strengthening international cooperation andseeking M&A opportunities.

Apart from electronics andagricultural sectors, property companies also plan high growth inrevenues and profits this year because of belief in the sector'srecovery.

TuLiem Urban Development Company (NTL) completed only50 percent of its 2014's plan, but it still striving for growth of 250percent this year.

NTL's board of directors has approved a planto hike revenue to 350 billion VND (16.4 million USD) and pre-tax profitto 120 billion VND (5.6 million USD) by year-end. It also projects adividend rate of 10 percent.

Both FLC Group (FLC) and PhatDatCorporation Real Estate Development Co (PDR) also slate impressivegrowth of 200 to 600 percent.

FLC plans for the 2015 profit of 1trillion VND (46.7 million USD), two-and-a-half times that of 2014,while PDR expects to raise its pre-tax profit to 300 billion VND (14million USD), six times higher than last year.-VNA
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