Vingroup profits rise in first nine months

Vingroup profits rise in first nine months

Vingroup (VIC) has announced a net revenue of VND21.524 trillion (US$1.007 billion) for the first nine months of 2014, an 86 per cent year-on-year increase.

The firm, which is Viet Nam's largest property developer and mall operator, also announced after-tax profit of VND3.4 trillion ($160.8 million) for the first nine months, an increase of 82 per cent year-on-year.

According to the group's representative, most of the revenue was from real estate deals and their services.

In particular, during the third quarter this year, all core businesses of Vinhomes, Vincom Retail and Vinpearl, besides Vinmec contributed significantly to the company's strong revenue growth. The net revenue from the sale of inventory properties was VND6.144 trillion ($288.4 million), accounting for 80 per cent of the quarter's revenue.

The net revenue also comprised the increasing revenue from retail and office leasing, hospitality, tourism and entertainment services and hospital and healthcare services, said the representative.

As of September 30, 2014, VIC's total assets were worth VND82.792 trillion ($3.886 billion) and owners' equity was worth VND18.426 trillion ($865 million).

Also in September 2014, VIC made it to the ASEAN Top 100 Companies list by Standard and Poor's (S&P), one of the three most prestigious independent credit rating agencies in the world. Finance Asia also recognised VIC as the Region's Best Borrower-Vietnam. In addition, Vinpearl Resort Nha Trang was named among the Top 10 Five-Star Hotels at the Vietnam Tourism Awards 2013 ceremony held by the Ministry of Culture, Sports and Tourism.

VIC was listed on the HCM Stock Exchange on September 16, 2007. On November 17, its shares were listed at VND49.800 ($2.3) each.

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