April 9, 2009
Vietnam's Minh Phu Seafood seeks return profits in 2009 after loss
Minh Phu Seafood Joint Stock Co,Vietnam's second-largest listed seafood company, is targeting a return to profits after reporting a loss last year due to charges on equity investments and write-downs on stocks.
The company deputy general director Le Van Diep said full-year net income in 2009 is seen to be VND206 billion (US$11.58 million).
Diep said first-quarter shipments rose 25 percent in volume, though lower prices meant the value was little changed.
He said the company's consumers in US, Japan and other markets have switched to another variety of shrimp which is smaller in size and cheaper, due to the economic recession.
Confidence among US consumers stayed near a record low in March this year and the company posted a loss of VND38 billion (US$2.13 million) in 2008.
