October 30, 2007

Vietnam's Minh Phu Seafood takes US$7.5 million-profit in nine months

Vietnam's top shrimp firm Minh Phu Seafood Co., made a net profit of 121 billion dong (US$7.5 million) from January to September this year.

The nine-month profit represented 56.5 percent of Minh Phu's target of 214 billion dong for 2007 and was up 55 percent from 78 billion-dong net for the whole of last year.

In a statement, Minh Phu's nine-month revenues were 1.59 trillion dong (US$98.4 million), US$97.8 million of which came from exports revenues. The company gave no comparative figures for the corresponding periods last year.

Shares in Minh Phu fell 0.41 percent to close at 72,700 dong (US$4.5) on Monday, valuing the firm at around US$315 million.

Singapore's Temasek Holdings owns 10 percent of the Mekong Delta-based shrimp export company, which also deals with real estate and builds civil and industrial projects.

Minh Phu expects its exports to rise 13.6 percent to US$150 million this year. It was Vietnam's top shrimp exporter to the United States and Australia in 2006 and ranked the fifth among the country's 10 largest shrimp exporters to Japan.

Last week, the Ho Chi Minh Stock Exchange said it had approved in principle Hanoi-listed Minh Phu taking its shares to Ho Chi Minh City, the country's main exchange.

On Monday, Saigon Securities Inc., previously listed on the Hanoi market, made its debut in Ho Chi Minh City. Its shares ended flat at 285,000 dong ($17.6), while the Vietnam index fell 2.59 percent to 1,064.20 points.