June 15, 2011


Vietnamese seafood firm ICF reports 72% profit-loss for 2011



Vietnam's Investment Commerce Fishers Corporation (ICF) reported a profit of VND554.8 million (US$26,932) from the first quarter of 2011, down 72% from last year.


The sharp decline in profit was attributed to the high borrowing costs and a shortage of materials, the company said.


Its revenue soared 55% on year to VND75.5 billion (US$3.7 million) during Jan-March, ICF said.


In 2011, ICF targets a net profit of VND24 billion (US$1.15 million), rising 19% on year. It will suspend an office building project in District 1, Ho Chi Minh City, due to economic difficulties.

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