SCIC reports 19% decrease in profit in Jan-Jun
SCIC sets revenue target of VND7.9 trillion (US$341.62 million) and after-tax profit of over VND5.4 trillion (US$233.51 million) for 2018.
In the first six months of 2018, State Capital Investment Corporation (SCIC), the Vietnamese government's investment arm, reported a net profit of VND1.94 trillion (US$83.92 million), down 19% year-on-year, VnExpress reported.
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Upon breaking down, the company's revenue from dividends stood at VND1.15 trillion (US$49.73 million), down 38% year-on-year, while that of from the sale of state capital doubled to VND401 billion (US$17.34 million).
Additionally, SCIC's revenue from deposit interests and bond investment amounted to VND731 billion (US$31.61 million), up 23% year-on-year.
By the end of the second quarter, SCIC saw a reduction in total assets value by VND20 trillion (US$865 million) compared to the beginning of the year to VND41.75 trillion (US$1.8 billion). This was due to SCIC handing over VND17 trillion (US$735.37 million) from the Support Fund for Enterprise Reorganization and Development to the Ministry of Finance (MoF).
This resulted in the company’s payables decreased by over VND20 trillion (US$865 million) during this period compared to the end of 2017 to over VND1.46 trillion (US$63.14 million).
SCIC currently has VND419 billion (US$18.12 million) in cash and VND19.83 trillion (US$857.87 million) in bank deposits.
Under the government's divestment scheme in the 2017 - 2020 period, SCIC is expected to sell state capital at 62 state owned enterprises (SOEs) in 6 ministries and 16 provinces, totaling VND11.2 trillion (US$484.35 million).
However, by the end of June, SCIC has just been handed over 25 SOEs under the list with capital of VND862 billion (US$37.27 million).
SCIC sets revenue target of VND7.9 trillion (US$341.62 million) and after-tax profit of over VND5.4 trillion (US$233.51 million) for 2018.
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