First quarter performance of seafood companies

Among the 14 Seafood Companies (10 fish and 4 shrimp exporters) disclosing their 1st quarter financial report, 4 enterprises hit negative profit growth and one enterprise made loss.

Vinh Hoan Corp (Code: VHC) ranked the first among fish processing and exporting companies. Its revenue and after-tax profit hit VND800.7 billion and VND72.7 billion, up repectively 24% and 92%.

BenTre Aquaproduct Im-Ex Joint Stock Company (ABT) saw a 4% decrease in revenue toVND152 billion, however its after-tax profit hit VND30 billion, up 35% year on year

Go Dang company (AGD) achieved the highest after-tax profit growth of 167% to VND0.3 billion. Meanwhile, Basa Joint Stock Company (BAS) keep incurring losses of VND3.2 billion  and NTACO experienced a fall of 16.7% in revenue and 79% in profit compared to the same period last year.

The profit of other enterprises like AAM, AGF, TS4, NAV ranged from VND2 billion to VND15 billion.

Minh Phu (MPC) earned VND1,270 billion in terms of revenue and VND50 billion in terms of net profit, leaving other shrimp enterprises far behind.

In the 1st quarter, Sao Ta (FMC)’s revenue hit VND299 billion. Its profit increasedby 71% to VND 4 billion. The profit of SJ1 and ICF fell respective by 23% and 68% year on year.

Capture and aquaculture production in the first three months increasedrespectively by 2% and 4.2% year on year to 601,400 tons and 497,000 tons. The seafood export is estimated to hit USD 1,1 billion, up 22% over the same period of last year.

In 2011, seafood export is expected to hit USD5.3 billion, including USD2.2 billion of shrimp export and USD1.45-1.55 billion of Pangasius.

Source: Vietfish International

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