August 2, 2010

Minh Phu Seafood Corporation profits drop 13.59% in H1

Vietnam's Minh Phu Seafood Corporation (MPC) made a net profit of VND130.69 billion (US$6.84 million) in the first half of 2010, dropping 13.59% on-year.

According to MPC's quarterly financial report, revenues soared 84.66% on year to VND2.31 trillion (US$121 million) during the period, excluding the figures from affiliates.

MPC produced 8,650 tonnes of shrimp and shipped 7,554 tonnes abroad, raking in export revenues of US$82.13 million. In the second quarter, the seafood producer netted a profit of VND119.77 (US$6.27 million) billion on revenues of VND1.28 trillion (US$67 million), up 24.89% and 69.36% on-year, respectively.

For the whole 2010, MPC targets a net profit of VND264.5 billion (US$13.92 million) and revenues of VND3.5 trillion (US$184 million).

MPC has plans of building a shrimp processing plant with an annual capacity of 20,000 tonnes. Its affiliate, Minh Phu-Hau Giang Seafood Processing Co. Ltd, has raised a capital of VND300 (US$ million) billion from VND150 billion (US$ million), of which it now owns a 90% stake.