(vasep.com.vn) Statistics on business results of 18 seafood listed companies in Q3/ 2014 showed increase in total revenue and profits, the highest in 15 consecutive quarters.
Total revenue of 18 companies in Q3 was VND 14,034 billion while profit reached VND 760.5 billion. Revenue upped 20% and profits upped 44% quarter on quarter.
Cumulative revenue of 18 companies in 9 months of 2014 reached VND 36,682 billion, up 25% year on year. Meanwhile, total profit after tax stayed at VND 1,733 billion, up 120% year on year.
Minh Phu, Hung Vuong, Vinh Hoan, the 3 biggest companies, had good growth in Q3 this year.
Minh Phu (MPC), the biggest shrimp company of the country took advantage of the decrease in global supply to upturn its shrimp exports growth. From January to August, Minh Phu earned US$ 315 million, the nationwide largest quantity.
Vinh Hoan and Hung Vuong, leading pangasius exporters, maintained the throne in the industry in the first 9 months of 2014. Profit of Vinh Hoan grew 155% year on year over the same period as gross profit margin rose and profit from share transfer of its subsidiary whilst Hung Vuong is likely to report higher profits at the end of the year.
Export growth was the motive for positive results in 2014. Seafood exports in 8 months reached nearly US$ 5 billion, up 123% year on year.
Expectations for the successful negotiation of a free trade agreement (FTA) with tax relief will support seafood business in the coming years.