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Building contractor reduces year's financial targets on economy woes

Update: December, 08/2012 - 09:02

BA RIA-VUNG TAU (VNS)— Ba Ria-Vung Tau Urban Development and Construction (UDC) has reduced this year's financial targets between 46-67 per cent due to economic turmoil.

Its total revenue dropped to VND427.6 billion (US$20.3 million), and net profit fell to VND14.38 billion ($684,700) as expected after the revision.

In the third quarter this year, the company lost VND1.2 billion ($57,100) compared to a profit of VND2.3 billion in the same period last year. During the first nine months of the year, gross profit accounted for only 12.86 per cent of the previous year. — VNS

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