Bloomberg News

Vietnam’s HAGL Drops to Lowest Since June 2009 as Earnings Fall

October 26, 2011

Oct. 26 (Bloomberg) -- HAGL Joint-Stock Co., Vietnam’s second-biggest listed real estate company by market value, tumbled to the lowest level since June 2009 in Ho Chi Minh City trading after posting net profit tumbled in the third-quarter.

The shares slumped 3.1 percent, the most since Sept. 16, to 28,500 dong, the lowest since June 3, 2009, at the close on the Ho Chi Minh City Stock Exchange today. The benchmark VN Index rose 0.7 percent, to 412.10.

The company’s net profit slid to 7.3 billion dong ($348,066), in the third quarter this year, from 568.3 billion dong a year ago, according to the company’s unconsolidated figures on the exchange’s website. Net income for the January to September period dropped to 216.2 billion dong, from 1.6 trillion dong a year earlier.

Earnings fell after borrowing costs rose to 192.7 billion dong in the third quarter, from 59 billion dong in the same period last year, its figures showed.

HAGL, which was the first Vietnamese company to list global depository receipts, or GDRs, on the London Stock Exchange, sold “some stakes in its units and therefore boosted earnings” in the third quarter last year, Doan Nguyen Duc, the company’s chairman said in a telephone interview, without elaborating.

--Nguyen Dieu Tu Uyen. Editor: Malcolm Scott, Tomoko Yamazaki

To contact Bloomberg News staff for this story: Nguyen Dieu Tu Uyen in Hanoi at uyen1@bloomberg.net

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net


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