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Fisheries, rubber firms see profits soar in Q3

Update: October, 29/2011 - 09:25

HA NOI — Fisheries and rubber companies have reported high profits in the third quarter of this year, which could be seen as bright spots in the context that many listed companies were forced to reduce their targets due to continued business hardships.

According to the HCM Stock Exchange, 75 of the total 297 listed companies have submitted their third quarter financial statements.

Most companies operating in fishery and rubber sectors reported their profits exceeded the targets set for this year by the end of September. Cuu Long Fish Co's (ACL) pre-tax profit surpassed its yearly goal by 64 per cent, while Mekong Fisheries Co (AAM) also exceeded its profit target by over 34 per cent.

Thong Nhat Rubber Co (TNC) reported it had already surpassed its annual profit target, despite having raised it by 51 per cent.

Favourable factors including increased rubber prices played a key role in helping rubber companies attain high business results, said Banh Manh Duc, a member of the supervisory board of the Hoa Binh Rubber Co (HRC) – the fifth rubber company to have exceeded its annual target in the first nine months.

Duc said rubber prices had increased by 150 per cent since the beginning of the year.

Ha Viet Thang, a member of the board of directors of the Hung Vuong Corp (HVG), also said increased price and production helped seafood companies achieve high profits. He added that prices had soared by up to 20 per cent between May and July.

HVG exported a healthy 19,000 tonnes in the first five months of the year, but the volume increased to 31,000 tonnes by the end of September.

Other winners

With these industry advantages, fisheries and rubber enterprises achieved high business results despite difficulties in both domestic and foreign markets, but several other companies also went against the norm to also post profits.

HCM City Metal Corp (HMC) posted a nine-month profit of VND90.5 billion ($4.3 million), tripling the figure of the same period last year and exceeding its annual target by 81 per cent.

Binh Dinh Minerals Co (BMC) also reported pre-tax profit up 20.7 per cent against its target for the year, Viet Nam Italia Steel (VIS) by 41 per cent, and Ninh Hoa Sugar Co (NHS) by 40 per cent.

In the context of unfavourable business conditions, companies achieving high profit results should be praiseworthy. However, according to many experts, such results should be looked at from many angles, such as correlation between revenue and profit growth, or businesses that set far lower targets this year compared to last year. — VNS

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