December 1, 2010

Vietnam's Minh Phu Seafood surpasses 2010 target for shrimp

Minh Phu Seafood Group Corp. (MPC.VH), Vietnam's biggest exporter of shrimp products, made a net profit of VND321.47 billion (US$16.5 million) between January and October, surpassing its target of VND264.5 billion (US$13.57 million) set for this year, a company official said Tuesday (Nov 30).

The company is expected to make a net profit of VND380 billion (US$19.42 million) this year, an increase of 56.4%, with its revenue likely to increase by 45.4%, Deputy General Director, Le Van Diep, said.

Exports totalled US$210 million during the first ten months of this year, or a 49% increase from the same period last year.

Diep forecasted Minh Phu's shrimp exports to rise to 22,000 tonnenes this year from 16,100 tonnenes last year.