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Vietnam REE says 11-month profit jumps 52 pct

Thu Dec 13, 2007 4:20am EST

HANOI, Dec 13 (Reuters) - Vietnam's Refrigeration Electrical Engineering Co REE.HM (REE) said on Thursday its gross profit jumped 52.4 percent to 344.8 billion dong ($21.4 million) in the first 11 months of 2007 from a year earlier.

The January to November gross profit was 1.4 percent above the target for the whole of 2007 and its revenues rose 4.2 percent to 855.7 billion dong in the period, REE told the Ho Chi Minh Stock Exchange .VNI in a statement.

Shares in REE ended 1.42 percent down at 139,000 dong on Thursday before it released the results, valuing the company at $494 million, the 12th largest of the 130 companies listed on the exchange.

The Ho Chi Minh City-based firm did not release net profit figures for the first 11 months, but it has said it aimed to increase its net profit 51 percent to 245 billion dong and double revenues to 1 trillion dong this year.

REE's core business is consumer, commercial and industrial air conditioning systems and refrigeration. It has diversified into real estate, energy and water purification systems. ($1=16,118 dong) (Reporting by Ho Binh Minh; Editing by Michael Battye)



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