(vasep.com.vn) In the first quarter of 2012, International Development and Investment Corporation (IDI Corp) earned VND5.56 billion of post-tax profit, representing a 77.36 percent decrease compared to the same quarter last year.
Though IDI Corp’s earnings in the quarter I/2012 were up 33 percent from the quarter I/2011, the company still saw drop of 21 percent in gross profit, equal to VND18 billion, because it had to push down selling prices to improve competitiveness.
In addition, earnings from financial activities in the period fell 84 percent against the same quarter of 2011 due to US$/VND exchange rate which affected the firm’s turnover.
IDI Corp said that it has been running a pangasius by-products processing plant which was invested by Tourism and Fisheries Company (Trisedco), a member of Sao Mai Conscorp. Instead of selling fish by-products to purchasing agents at a low price, IDI Corp sold all by-products to Trisedco to produce fishmeal, fish oil, raw fat and fertilizer with a stable price.
In 2013, IDI Corp expected to start to build a new feed mill and use feed processed by Trisedco to supply its aquaculture partners in the production chain.
Website: www.idiseafood.com