June 29, 2012

Vietnam's CMX eyes 76.5% revenue growth in 2012

A surge in its net profit of 76.5% from a year earlier to VND8.1 billion (US$386,800) this year is expected by Ca Mau Frozen Seafood Processing Import Export Corporation (CMX).

Revenues are set to increase 19.66% on year to VND1.4 trillion (US$67 million), the company said in a document sent to the bourse.

The seafood company plans to lift its export turnover by 25% on year to US$70 million in 2012, with 6,565 tonnes to be shipped abroad. The company will pour a total VND10 billion (US$478,000) into upgrading equipment and facilities in one of its existing plants.

During the first quarter, CMX netted a profit of VND3.14 billion (US$150,000) on revenues of VND221.92 billion (US$10.6 million), while it suffered a loss of VND20.47 billion (US$979,000) on revenues of VND237.56 billion (US$11.4 million) in first quarter last year. Lower prime cost to revenue ratio was attributed to the company's profit.