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Vietnam's confectionery raises output to boost profit


November 5, 2008

Vietnam's confectionery raises output to boost profit
Kinh Do reported net profit fell 15 percent to 140 billion dong ($8.5 million) in the first nine months of 2008 after losses from financial investments and higher costs in the third quarter, Reuters quoted a company spokeswoman as saying.

The Ho Chi Minh City-based company forecast in a statement made in March that its net earnings this year would fall nearly 6 percent to 211 billion dong, without giving a reason.

"We expect to increase production by at least 10 percent from last year to meet higher domestic demand ahead of the Tet holidays," the spokeswoman said on Tuesday, referring to Vietnam's Lunar New Year festival which falls next January.

She said the company plans to diversify its product range to serve upper-class customers and also raise productivity by 30-50 percent. She declined to give further details.

Shares in Kinh Do closed flat at 34,000 dong ($2) on Tuesday as the Ho Chi Minh City Stock Exchange rose 3.67 percent to end at 361.44 points. The market has lost 61 percent so far this year.

Deutsche Bank owns 6.11 percent of Kinh Do.

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