Cadovimex II: Hard to reach 2012 profit target
(vasep.com.vn) In the first six months of 2012, Cadovimex II Seafood Import-Export and Processing Joint Stock Company (Cadovimex II) totaled more than US$20 million of revenue, showing a rise of 30 percent from the same period of 2011, said Nguyen Phuoc Buu Huy, the company’s Vice Chairman.
Currently, raw pangasius of 700 – 800g prices at around VND22,000 per kilogram. Vietnam pangasius processors are trying to purchase more fish of these sizes to satisfy higher demand in the U.S. market. Therefore, the price of fish is increasing in Mekong Delta.
As prediction of raw fish scarcity in the first quarters of the year, Cadovimex II invested in enlarging fish farming area from 20 to 60 hectares. Dong Thap-based firm also plans to expand its farms to 120 – 180 hectares in the next 2 - 3 years to ensure suppy of raw fish for processing.
According to Mr. Huy, though the company is able to reach target of export volume by the end of 2012, it may not generate as much profit as expected due to lower export price, higher ocean freight and more expenses for feed.
www.cadovimex2.com.vn