Camimex: Input cost up, net profit down

Ca Mau Frozen Seafood Processing Import Export Corporation (Camimex) has released a report on its turnover in Q4 2010, in which the company’s net profit was down by VND5.37 billion compared with the same period of 2009. The lost is due to a rare source of raw shrimp before the shrimp season, and cruel competition of other seafood companies that made the shrimp prices go higher.

Moreover, in the end of 2010, the interest rate went up by 18-19%; input cost including electricity, ice, materials, package and transportation, rose by 15-20%.

The report unveils that, in Q4 2010, the company gained VND382.9 billion of turnover, down 4.5% in comparison with the same period of the previous year. Camimex said this was caused by applying technical barriers and an intensive food quality and safety inspection in markets such as the United States, EU and Japan, which led to a drop in demand from customers.

The company reached VND1.464 billion of cumulative turnover in 2010, generating VND32.7 billion of net profit.

According to statistics from Vietnam Customs, Camimex still ranked the 5th in Vietnam biggest shrimp exporters list, after Minh Phu Seafood Corp, Quoc Viet Co.,Ltd, Utxi Co. and Stapimex.

Source: VASEP

Camimex website here

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