Vietnamese shrimp giant Minh Phu Seafood is investing an additional VND 50 billion ($2.16 million) in its Ninh Thuan subsidiary, Minh Phu Seafood Breeding Company, thereby increasing its holding rate in the business from 99.49% to 99.67%, Vietnambiz reports.
The company recently announced the decision by its board of directors to grow Minh Phu's charter capital in Ninh Thuan by 57% to VND 138bn, with the intention of speeding along with the selection and production of shrimp breeding.
Minh Phu saw net revenue decrease by 16% to VND 4.4 trillion in the third quarter of 2020. The company also saw its net revenue drop by 22% y-o-y to VND 9.98tn between January and September.
Earnings after taxes, however, increased by 3% y-o-y over the same period to VND 243bn.
In 2020, Minh Phu expects to see a net revenue of VND 15.20tn, and earnings after taxes of VND 915bn. Thus, as of September, the firm has fulfilled 66% of its revenue plan and 52% of the profit target for the year.
Earlier this year the firm said it planned to lift export volumes from 59,549 metric tons in 2019 to 63,000t and to triple its profits. However, these forecasts were made before the coronavirus pandemic took hold of crucial markets.
The company later said the aim is to hit 56,700t of exports, worth $638m, and that profit before tax should double y-o-y rather than triple.
November 19, 2020 at 04:49PM
https://ift.tt/3lGhTm6
Minh Phu invests $2m in shrimp breeding subsidiary - Undercurrent News
https://ift.tt/3eNRKhS
shrimp
No comments:
Post a Comment