Vietnamese petrol station operator Comeco (COM) said on Tuesday it expected a 10% rise in revenues this year to 1.88 trillion dong ($116.8 million) on strong demand.
The firm, which operates trucking services for oil products and 32 filling stations in Ho Chi Minh City, said in a statement its net profit should increase 5% from last year to 12.85 billion dong ($800,000).
Comeco Chief Executive Truong Duc Hanh said in the statement the company would invest 126.6 billion dong ($7.86 million) to build a 40,400 cubic metre capacity oil depot this year in Dong Nai province, near Ho Chi Minh City.
The company would also develop an oil terminal in Dong Nai to accomodate tankers of up to 25,000 dead weight tonnes.
It would raise between 100 billion and 150 billion dong ($6.2 million - $9.3 million) from new share issues to finance the oil depot, Hanh said.
Shares in Comeco fell nearly 4.7% to close at 61,500 dong ($3.82) on Tuesday. They have fallen more than 28% from a year-high of 86,000 dong ($5.34).
Source: Reuters
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