April 26, 2011

Godaco Seafood's Q1 net profit jumps 168%

Godaco Seafood JSC's (AGD) net profit surged 168.1% against last year to VND20.26 billion (US$969,146) in the first quarter of this year.

Revenues soared 69% on year to VND175.49 billion (US$8.39 million) during the period, the firm said in its quarterly financial report.

The three-month earnings per share was VND2,533 (US$0.12) compared to VND945 (US$0.05) in Q1, 2010.

The firm cancelled the offering of two million new shares to strategic partners as scheduled, and will instead pay a share dividend at a 1-for-5 ratio and give bonus shares at a 3-for-10 ratio to raise its registered capital to VND120 billion (US$5.77 million) this year.

In 2011, AGD targets a net profit of VND45 billion (US$2.14 million) on revenues of VND660 billion (US$31.57 million) versus VND42.3 billion (US$0.002) and VND597.56 billion (US$28.58 million) in 2010, respectively.