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November 12, 2008

Vietnam's dairy firm reports $68m in Jan-Oct profit
Vinamilk, Vietnam's top dairy firm, made a net profit of 1.13 trillion dong ($68.5 million) in the first 10 months of this year thanks to strong sales, Reuters reported, quoting the firm’s statement issued Tuesday.

The Ho Chi Minh City-based company, the second-largest on Vietnam's main Ho Chi Minh Stock Exchange, said revenue jumped 27.8 percent from the same period last year to 7.08 trillion dong.

Vinamilk did not give comparative figures for its profit in the same period last year. It reported a profit of 815 billion dong in the first 10 months of 2007 but did not say if those earnings were gross or net.

It said the net profit for the first 10 months already made up 99 percent of the company's target for the full year. The statement said the 10-month results were unaudited.

Analysts say Vinamilk has been unaffected by a crisis of confidence in milk products after a tainted milk scandal that originated in China.

Vinamilk, the domestic market leader with a share of 37 percent in dairy products and beverages, is expanding into coffee and beer, Saigon Securities Inc said in a research note last month.

The broker forecast Vinamilk's full-year net profit would hit 1.29 trillion dong, above the company's target of 1.14 trillion.

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