August 17, 2010

Bac Lieu Fisheries net profit jumps 138.3%

Vietnam's Bac Lieu Fisheries JSC (BLF) earned a net profit of VND1.89 billion (US$98,963) in the first six months of 2010, jumping 138.3% on-year.

According to BLF, net revenues rose 40.17% on-year to VND201.22 billion (US$10.54 million) during the period.

In the second quarter, BLF netted a profit of VND1.87 billion (US$97,916), versus a loss of VND620.8 million (US$32,506) in Q2 of 2009.

This year, the seafood producer targets a net profit of VND6 billion (US$314,169), jumping 6.6 times from a year earlier, while revenues are projected at VND416 billion (US$21.78 million).

The company has been focusing on seafood export of shrimps and Surimi fried fish for 2010, and projects to export 2,500 tonnes of fried fish to France.

Recently, BLF set up a joint venture with a French partner by selling a 65% stake in its Ganh Hao Surimi Factory due to financial difficulties.