Vietnam's Vincom says 2010 net profit leaps 121 pct
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Vincom Joint Stock Co, one of Vietnam's leading real estate developers, said on Friday its net profit jumped 121 percent to VND2.43 trillion (US$116.5 million) last year.
Revenue soared 96 percent from the year before to VND3.87 trillion, boosted by income from recently completed Vincom Center, a retail, office and apartment complex in central Ho Chi Minh City, the company said in a statement posted on its website (www.vincom.com.vn).
Total assets of the firm hit VND11.83 trillion last year, up 83 percent from a year before, it said.
In December, the Hanoi-based firm said it planned to raise up to $450 million by listing shares on the Singapore stock exchange in the first half of this year.
Vincom said on Friday it had selected advisers for the listing but gave no details on timing.
The firm listed shares on the Ho Chi Minh Stock Exchange in 2007 and is now one of Vietnam's top companies in terms of market capitalization.
Vincom founder and board member Pham Nhat Vuong was Vietnam's richest person based on the value of securities holdings in 2010, news website Vnexpress.net reported in December. It said he was worth VND15.8 trillion ($760 million).
Vincom's stock was trading 3.3 percent higher at VND124,000 at 0322 GMT. It has jumped 27 percent since the end of 2010 and 134 percent since the end of 2009. ($1 = VND20,865)
