Medical cotton maker revival continues
Medical cotton maker revival continues
Bach Tuyet Cotton Corporation (BBT) this year targets post-tax profits of VND16 billion ($695,650).
Medical cotton products made by Bach Tuyet Cotton Corporation. Photo courtesy of Bach Tuyet Cotton Corporation.
|
After making losses for eight years in a row, the company turned the corner and has been profitable for the last seven years.
It plans to start exporting its products this year.
The company has diversified and now makes Merilynn brand face masks, Meriday cotton buds, facial cleansing cotton pads, and Merigo cotton roll for industrial use.
It recently changed its logo from the image of a woman holding a medical cotton pack to one holding cotton to indicate its transition from cotton to cotton products manufacturer.
Last year, Bach Tuyet raised VND55 billion ($2.37 million) by issuing 2.96 million shares to existing shareholders, and used it to repay debts and invest in production. Its debts fell to VND43 billion by the end of last year.
It has been profitable for the last seven years. Bach Tuyet was a state-owned enterprise founded in 1960 to manufacture medical cotton and sanitary napkins.
The firm was privatized in 1997 when it held a 90 percent share of the country’s medical cotton market.
It was listed on the Ho Chi Minh Stock Exchange in 2004, but was delisted five years later after reporting losses for three years from 2006.
It listed on the Unlisted Public Companies Market, or UPCoM, in 2018.
