(vasep.com.vn) In the first quarter of 2012, Vinh Hoan Corporation (Vinh Hoan Corp) reached nearly VND955 billion of net revenue, 1.96 percent higher than the same quarter last year. However, the company’s post-tax profit totaled only more than VND49 billion, down 40.55 percent.
Vinh Hoan said that the firm reported less profit in the first three months of the year because the State Bank of Vietnam kept strong VND against US$. In addition, compared to the same period of 2011, Vinh Hoan had to spend more money to raise fish and purchase more raw fish for processing; while it saw weak demand for fish and lower export prices from foreign importers.
In 2011 was the successful year of Vinh Hoan Corp when it remained pangasius shipment and got progress in business. Tien Giang-based firm earned US$150 million of export, accounting for 8 percent of Vietnam overall revenue from pangasius. Its total turnover reached VND4,000 billion, a 37 percent rise from the previous year.
In the current year, Vinh Hoan Corp plans to keep the 2011’s export target of US$150 million by developing value-added items, certified products; processing by-products and diversifying market structure.
In the 2012 – 2013 period, the company aims to expand ASC-certified fish farming area and hatchery by 300 hectares. Besides, Vinh Hoan will invest VND200 billion in developing fish farms; VND200 billion in its collagen processing plant; and other VND150 billion injected in Vinh Hoan 2 plant.
www.vinhhoan.com.vn