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Kinh Bac City Development reports heavy loss after nine months

Update: November, 17/2012 - 10:09

HCM CITY (VNS)— Real estate company Kinh Bac City Development Share Holding Corp (KBC) reported a heavy loss of more than VND233 billion (US$11.1 million) in the first nine months of this year.

The figure is significantly higher than the firm's loss of just VND15 billion ($717,700) during the same period of last year.

Losses during the third quarter alone accounted for almost 60 per cent, reaching VND132.2 billion ($6.3 million), of the total figure for the first nine months. The losses were mainly blamed on soaring financial costs that rose to VND83.7 billion ($4 million), mainly caused by high borrowing costs. The company's earnings per share (EPS) were negative VND805 during the period.

KBC's associate companies also reported a combined loss of VND46.6 billion ($2.2 million) ending September. The company also reported that it had sold its entire holdings of 26.55 million shares in Western Bank.

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