Can Tho Mineral & Cement 1H12 net profit falls, Vietnam

Can Tho Mineral & Cement 1H12 net profit falls, Vietnam

Can Tho Mineral & Cement JSC (CCM), listed on the Hanoi Stock Exchange, said it made a consolidated net profit of VND5.67bn (US$272,000) in the first six months of this year, down from 18.18 per cent from a year earlier.

Vietnam News Brief Service reports that the cement producer's revenues decreased 17.7 per cent YoY to VND102.44bn, CCM said in its consolidated quarterly financial report.

Financial, sale and management costs dwindled 33.78 per cent, 53.85 per cent, and 14.03 per cent YoY, respectively, to VND5.49bn, VND3.06bn and VND2.88bn during the period.

Gross profit and financial revenues also dropped 32.56 per cent and 89.9 per cent YoY respectively, to VND0.39bn and VND17.42bn in Jan-June, which were blamed for the company’s profit fall.

CCM targets a net profit of VND15bn on revenues of VND440bn this year, rising 2.9-fold and 104 per cent YoY, respectively; and pay a dividend equivalent to VND1,800/share.

This year, the company will continue its plan to contribute capital to Ang Son 2 Cement Plant project and join forces with COSEVCO 6 JSC to build a clinker kiln with a capacity of 450,000tpa, both located in the central province of Quang Binh.