August 5, 2008
Navico's H1 profit drops to 19 percent
Nam Viet Corporation or Navico said its first-half pretax profit slipped by 19 percent as inflation rates accelerated production costs.
Vietnam's biggest catfish processor and exporter said its pre-tax profit fell to VND164 billion (US$9.8 million) from the same period a year earlier, chief financial officer Nguyen Duy Nhut said.
The An-Giang based firm expects pretax profit to reach VND420 billion ($25 million) this year, according to Nhut.
Nhut said inflation rates pushed up production costs to a "very high level" and export prices weren't as high as expected.
Nhut added Navico posted sales of VND1.4 trillion ($83 million), without providing comparable figures for last year.
Navico plans to achieve revenue of VND3.8 trillion ($227 million) for the full year, he said.
