Mar 25, 2009

PetroVietnam General forecasts profit to rise 15 percent in 2009

Thanh Nien Daily - Ho Chi Minh City,Vietnam, March 23, 2009

PetroVietnam General Services Joint Stock Co., a trader of cassava with interests in mobile phones and oilfield services, forecast profit will rise 15 percent this year on higher shipments of the root. Profit may climb to VND100 billion (US$5.7 million) as the company plans to increase exports of cassava to as much as 300,000 metric tons from 97,000 tons a year earlier, said a statement on the Ho Chi Minh City-based company’s website.

The statement did not clarify if the earnings figure is net income. The company did not have to pay corporate tax last year, and calls to officials at the company weren’t immediately answered.

“Shipments of sliced cassava may help make a big contribution to the company’s 2009 business plan,” the statement said.

Profit increased 5 percent to VND25 billion in the first two months of 2009, the statement said.

Source: Bloomberg

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