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Financing costs eat into builder's revenues

Update: February, 17/2012 - 10:48

HA NOI — Hoa Binh Corporation (HBC), a construction and real estate development firm, posted VND127.6 billion (over US$6 million) in net profit last year, a decline of 8.3 per cent from the previous year. The decline was due to a sharp increase in financing costs in the fourth quarter, compared to the same period in 2010, the corporation said – with costs of loan servicing tripling to VND49.7 billion ($2.4 million). The corporation's overall earnings grew last year by about 74 per cent to to a total of VND3.1 trillion ($147.6 million).-VNS

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