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Sunday, July 21, 2024

Kinh Bac has new affiliate

The Saigon Times

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HCMC – Quang Yen Manufacturing Industry Company has become a new subsidiary of Saigon-Haiphong Industrial Park Corporation (SHP Corp), an arm of Kinh Bac City Development Holding Corporation (KBC), after SHP Corp raised its ownership at Quang Yen Company to 86.54%.

This means that Kinh Bac now holds the controlling interest in Quang Yen through its subsidiary SHP Corp.

Following the ownership change, Quang Yen Company was established yesterday, July 7, with charter capital of VND250 billion. It is headquartered in the northern province of Quang Ninh and is a manufacturer of engines and turbines.

As for KBC, it earned over VND691 billion in revenue and some VND523 billion in after-tax profit in the first quarter of this year, declining 65.5% and 26.8% against the same period last year. Its gross profit margin fell to some 40% from around 56%.

In the first quarter, KBC’s gross profit plunged over 75% year-on-year, or falling by VND844 billion to VND279 billion. Its financial revenue jumped by over 67% to some VND69 billion while its expenditure soared 53% to VND144 billion. Its sale and administrative expenses edged down 23% to VND143 billion.

Closing the stock trading session today, KBC improved 1.26% to VND32,100.

In related news, the benchmark VN-Index on the HCMC market closed higher by adding 4.83 points, or 0.41% against yesterday at 1,171.31, with 325 winners and 130 losers. Trade on the southern bourse expanded over 15% in both volume and value against the previous session at nearly 411 million shares and VND9 trillion.

Stocks in the securities and real estate sectors continued to rise sharply and stole the limelight of the southern market.

Meanwhile, among 14 decliners in the VN30 basket, most were banking stocks. Besides, insurer BVH, brewery firm SAB, and budget carrier VJC fell slightly.

On the Hanoi bourse, the HNX-Index gained 5.94 points, or 2.19% over the session earlier at 277.8, mostly thanks to the significant performance of bluechips. The Hanoi market saw 144 stocks rising and 44 others dipping.

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