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Vietnam’s dairy firm reports 33% profit increase in Jan-Aug


September 13, 2008

Vietnam’s dairy firm reports 33% profit increase in Jan-Aug
Vinamilk, Vietnam's top dairy firm, reported a 33 percent rise in net profit in the first eight months of the year to 932 billion dong ($56.5 million).

The Ho Chi Minh City-based company, the second-largest firm on the country's main stock exchange with a market value of $1.1 billion, said on Friday its Jan-Aug revenue rose 25 percent to 5.47 trillion dong.

Chief Executive Officer Mai Kieu Lien said in a statement the net profit for the eight months made up 81.8 percent of the company's target for the whole of 2008. The results are unaudited.

In July, Vinamilk said its profit growth was driven by domestic demand while exports soared 149 percent in the first half of 2008.

Vinamilk has projected full-year net profit to rise more than 18 percent to 1.14 trillion dong in 2008 and revenues to jump 23 percent to 8.2 trillion dong.

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