It announced an after-tax loss of more than VND38 billion (US$2 million) last year after making a VND155 billion provision for losses in its VND209.5 billion stock portfolio.
A chastened Minh Phu sold last January a $16 million construction project it was seeking to develop in HCMC. Two months later it sold its 35.56 percent stake, made up of 3.2 million shares, in Vung Tau Oil and Gas Joint Stock Co.
Vinamilk, the countryâs largest dairy maker, has sold its stake in a brewing joint venture in Vietnam with British beer giant SABMiller for $8.25 million. It had bought the stake for $6.75 million in 2007.
The joint venture caused a VND74 billion ($4.2 million) loss to the dairy maker last year and the brewery is expected to make more losses over the next three years. Le Quang Thanh Truc, chief of Vinamilkâs financial department, said the company wants to focus this year on its major business, which is making dairy and beverage products. The company has a 37 percent share of the dairy market.
Hoa Binh Construction and Real Estate Co.âs after-tax profit last year plunged 56 percent to VND12.5 billion ($702,200).
The construction firm last month sold its stake in the Hoa Binh Tower in HCMCâs District 7 for $12 million and is considering pulling out of another project in which it plans to buy a 49 percent stake.
HSC Securities Co. said the companyâs move shows its efforts to enter the property trading sector last year were unprofitable, with the cost of the two projects becoming a burden.
The firm also withdrew from the stock market last year, liquidating its VND67.3 billion portfolio.
âWe are so lucky to sit here and donât have to talk about heavy losses on the share market like many other companies,â a shareholder of furniture maker Savimex said at the companyâs annual meeting last month.
Source: Dau Tu Chung Khoan