GODACO: VND20.26 Bln profit in Q1/2011

Godaco reported its after-tax profit increased by 12.7 billion against the same period last year (VND 7.56 billion)

The increase of the company’s after-tax profit in Q1/2011 was attributed to higher net revenue, which increased by VND71.6 billion (69%). In the first quarter, Godaco’s production and export price both increased. Average export price rose from US$2.6/kilo to US$3.1 /kilo. Foreign exchange rate was also higher. 
Second, the company’s accumulated profit increased by 95% (VND23.7 billion). Pangasius has been farmed effectively in the company’s own farming areas. Currently the company is self- sufficient 70% of its raw materials.
Third, Godaco has invested in a feed plant to supply feed for its 100ha farming area, thus brought high profit to the company because it can save more than VND1,000 per kilo with its own produced feeds.
In 2011, Godaco aimed to earn VND660 billion in revenue and VND45 billion in after-tax profit.
Source: Vietfish International
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