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 Horuco made 17.5 billion dong from selling outdated rubber trees as timber in the January to June period, compared with the 2 billion dong in the year-ago period.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
Showing posts with label HRC. Show all posts
Showing posts with label HRC. Show all posts
Saturday, July 21, 2007
Tuesday, July 03, 2007
Rubber firm wins listing approval
A small Vietnamese rubber firm won preliminary approval on Tuesday to list on the country's main stock market, the exchange said in a statement.
When licensed, Tay Ninh Rubber Company, or Taniruco, would be the first to debut on the Ho Chi Minh Stock Exchange this year and only the country's second after small builder Cholonres (RCL) made its debut on the Hanoi market on June 14.
Taniruco needed to complete more paperwork before receiving a listing licence, the Ho Chi Minh Stock Exchange statement said without elaboration.
It would be the third rubber firm to list after Hoa Binh Rubber Co. (HRC) and Danang Rubber Co. (DRC).
Based in the southern province of Tay Ninh, Taniruco is a small rubber exporter, shipping 14,000 tonnes of the 708,000 tonnes exported from Vietnam in 2006.
Taniruco shares traded at 128,000 dong to 130,000 dong ($7.9-$8) on the unregulated, unofficial markets late last week, up from 110,000-112,000 dong in May before it applied for a listing. The firm was therefore valued at $240 million.
Its net profit jumped 50.5 percent last year from 2005 to 143 billion dong ($8.8 million).
In December, the firm raised about $36 million in an initial public offering of nearly 8.4 million shares held by the state which sold at an average price of 68,341 dong ($4.2).
Last month, a company official said Taniruco was finalising plans to growing rubber trees on 10,000 hectares (24,700 acres) of land in Cambodia next year.
Source: Reuters
When licensed, Tay Ninh Rubber Company, or Taniruco, would be the first to debut on the Ho Chi Minh Stock Exchange this year and only the country's second after small builder Cholonres (RCL) made its debut on the Hanoi market on June 14.
Taniruco needed to complete more paperwork before receiving a listing licence, the Ho Chi Minh Stock Exchange statement said without elaboration.
It would be the third rubber firm to list after Hoa Binh Rubber Co. (HRC) and Danang Rubber Co. (DRC).
Based in the southern province of Tay Ninh, Taniruco is a small rubber exporter, shipping 14,000 tonnes of the 708,000 tonnes exported from Vietnam in 2006.
Taniruco shares traded at 128,000 dong to 130,000 dong ($7.9-$8) on the unregulated, unofficial markets late last week, up from 110,000-112,000 dong in May before it applied for a listing. The firm was therefore valued at $240 million.
Its net profit jumped 50.5 percent last year from 2005 to 143 billion dong ($8.8 million).
In December, the firm raised about $36 million in an initial public offering of nearly 8.4 million shares held by the state which sold at an average price of 68,341 dong ($4.2).
Last month, a company official said Taniruco was finalising plans to growing rubber trees on 10,000 hectares (24,700 acres) of land in Cambodia next year.
Source: Reuters
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