Hoa Binh Rubber Company (HRC, Horuco), a member of leading Vietnam Rubber Group, said on Friday its first-half net profit rose by nearly a third, largely due to the sale of timber from rubber trees.
The company's net profit for the period jumped 28 percent to 61.6 billion dong ($3.8 million). Horuco made 17.5 billion dong from selling outdated rubber trees as timber in the January to June period, compared with the 2 billion dong in the year-ago period.
Revenue eased 2.8 percent to 125 billion dong ($7.7 million) as latex exports fell 11.4 percent to 72.89 billion dong ($4.5 milion), Horuco's Director Huynh Van Bao said in a stock exchange statement.
Revenue from latex processing also fell 18.2 percent from the year-ago period to 505 million dong.
"We have liquidated some old rubber farms, selling the trees as timber that has added up to our profit," spokesman Banh Manh Duc said by telephone.
Shares in Horuco closed flat at 173,000 dong ($10.7) on Friday, valuing the firm at $185 million.
Vietnam is the world's fourth-largest rubber exporter after Thailand, Indonesia and Malaysia. Horuco's parent firm, the Vietnam Rubber Group, produces 60 percent of Vietnam's total rubber output of 546,000 tonnes in 2006.
Source: Reuters
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