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Wednesday, July 24, 2024

KIDO to boost mooncake production for Mid-Autumn Festival

The Saigon Times

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HCMC – KIDO Group is gearing up for the 2023 Mid-Autumn Festival with plans to increase its mooncake output compared to the previous festival.

The company will produce an estimated 450 tons of mooncakes, up from the 300 tons sold in 2022.

To meet the demand, KIDO has upgraded its production line, adopting advanced Japanese technology.

KIDO’s Bakery mooncakes, available from the start of August, will be sold via various channels, including e-commerce platforms such as Shopee, Lazada, Tiki and Grab, as well as through on-demand delivery apps like Shopee Food.

The company aims to solidify its position as the second-largest player in the competitive mooncake market during this year’s festival.

Kido’s after-tax profit was VND501 billion in the six-month period, up 48% versus the year-ago period. However, its net revenue fell by 31% year-on-year to around VND4,377 billion.

With this business performance, KIDO Group has completed 80% of its full-year plan.

Its KDC shares closed the trading session today, August 3, down 0.46% over the previous trading session to VND64,400 per share, with a matching volume of 893,000 shares.

The benchmark VN-Index of the Hochiminh Stock Exchange declined by 9.48 points, or 0.78%, to close at 1,210.95 points, with the number of losers doubling that of winners by 311 to 154.

Market participants were active on the market, with their total trading volume reaching over 1.03 billion shares valued at VND21.6 trillion. This marked an increase of nearly 10% in volume and more than 12% in value compared to the session earlier. Over 53.6 million shares were transacted through block deals, contributing VND1.16 trillion to the overall value.

Among the notable decliners were several bluechips, which exerted downward pressure on the main index.

VHM saw a 2.9% drop to VND60,100 per share. HPG slipped 2.4% to VND26,850. TPB and PLX fell 2.4% and 2.1%, respectively.

Other major stocks like BVH, BID, TCB, VPB, VNM, VRE, STB and SSI declined 1% to 1.7%.

HPG emerged as the most actively traded stock on the HCMC market, with over 58 million shares changing hands.

The market lacked support from key stocks, with the VN30 basket seeing 22 decliners and only seven advancers. Strong selling pressure sent the VN30-Index down 10.52 points, or 0.86%, to 1,210.80 points.

MWG, SAB, ACB, NVL and MSN ended the session with modest gains of 1.1% to 1.9%.

FPT and VJC edged up 0.2%, while housing developer PDR stayed at the reference price of VND21,400 per share.

On the Hanoi Stock Exchange, the HNX-Index turned volatile during the trading session and the HNX-Index lost 1.54 points, or 0.64%, to 239.77 points, with 70 stocks rising and 122 others falling.

There were 100.2 million shares worth VND1.7 trillion traded on the northern market.

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