Business News in Brief

Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG) announced that it finished issuance of 457.3 million shares, bringing in more than VND4.57 trillion. After distributing the shares, the State still holds about 65 percent stake of CTG, Mistubishi UFJ Bank owns 19.73 percent stake, and IFC Finance Company holds 5.39 percent stake.

Kim Long Securities Corporation (KLS) announced that it posted net profit of VND20.2 billion in the third quarter of 2013 while it lost VND91.5 billion in the same period last year because the market rebounded so the company was refunded provision for devaluation of securities. In the first nine months, KLS reached revenue of VND127.1 billion, down 34.9 percent year-on-year, and profit of VND97.6 billion.

Saigon Securities Incorporation (SSI) announced that it had net profit of VND52.6 billion in the third quarter of 2013, three times higher than in the same quarter last year. In the first nine months, SSI saw revenue of VND554.6 billion, pre-tax profit of VND311.4 billion, and post-tax profit of VND252.3 billion. Its total asset exceeded VND8 trillion, of which cash and equivalents were more than VND2.26 trillion, up 32.2 percent compared to the beginning of this year.

Vingroup Joint Stock Company (VIC) has recently set up two subsidiaries, comprising of Vincom City Management Company with charter capital of VND50 billion and Vincom Security Company with charter capital of VND2 billion.

Telecommunication Industry Electronics JSC (TIE) announced post-tax profits in the third quarter of 2013 at VND33.4 billion, up 254 percent compared to the same quarter last year after selling its capital contribution in Samsung Electronics Company, collecting VND35.2 billion. In the first nine months, TIE revenue was VND187.6 billion, net profit of VND41 billion, 2.4 times higher year-on-year, and earnings per share of VND4,282.

F.I.T Investment Joint Stock Company (FIT) announced its financial statement for third quarter of 2013 with revenue climbing 167.6 percent quarter-on-quarter to VND11.6 billion, and pre-tax profit rising 6.5 times higher to reach VND15.3 billion as cost price declined while income from financial activities and other income strongly increased. In the first nine months, FIT profited more than VND18 billion whereas it lost VND494 million in the same period last year.

National Seed Joint Stock Company (NSC) announced its financial statement for third quarter of 2013 with net profit touching VND24.3 billion, up 39.5 percent quarter-on-quarter. In the first nine months, NSC got net revenue of VND400.4 billion and post-tax profit of VND78.5 billion, up 5.5 percent and 21.3 percent year-on-year, respectively, earning VND7,826 per share.

Gia Lai Sugar-Thermal Power Joint Stock Company (SEC) explained that a decline of 51.8 percent in post-tax profit in the third quarter of 2013 compared to that in the same quarter last year was because its income from financial activities dropped by 77 percent while selling expense rose by 20 percent and general and administrative expense surged by more than 14 percent.

Cat Loi Joint Stock Company (CLC) explained that its pre-tax profit in third quarter of 2013 rose 69.5 percent quarter-on-quarter because consumption and selling price increased while financial expense and loan interest fell sharply compared to the same quarter last year.

Source: Dau Tu Tai Chinh – Translated by Thuy Doan

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