Godaco reached VND20.26 billion of profit, higher on that of QI/2011

Godaco (coded AGD-HOSE) announced the first quarter consolidated business results and showed its post-tax profit, up VND 12.7 billion on that of the same period last year.

Accordingly, in the first quarter this year, the company  reached VND179.75 billion of turnover, VND20.26 billion of post-tax profit, and VND2,533 of earning per share.

AGD showed that there are three reasons why in QI/2011 its post-tax profit was VND12.7 billion higher over the same period last year (VND 7.56 billion).

Firstly, net revenue increased VND71.6 billion, or 69% mainly due to higher foreign demand for seafood products which leads to an increase in export volume and price (average price was from 2.6 USD per kg to 3.1 USD per kg, up 20%). Besides, exchange rate also rose sharply (inter-bank average exchange rate raised from VND18,932 per USD in the early this year to VND20,730 per USD, up about 10%).

Secondly, gross profit increased VND23,7 billion, or 95% on that of the same period last year due to its higher turnover and effective operation in raw material pangasius farming area. The company’s farming production met 70 percent of raw fish for manufacturing.

Thirdly, the company invested effectively in aqua-feed factory to provide food for fish at 100ha farming area.

Specifically, the company can save over VND1,000 for 1 kg of fish feed self-manufactured compared to buying outside.

In 2011, the company plans to reach VND660 billion of revenue, VND45 billion of post-tax profit, 20% of expected dividends, the first phase advanced dividend in 2011 in cash at the ratio of 10 percent.

Source: VASEP

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