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Baoviet sees 2014 net profit down 4 pct at $56 mln
April 24, 2014 / 8:52 AM / 3 years ago

Baoviet sees 2014 net profit down 4 pct at $56 mln

HANOI, April 24 (Reuters) - Vietnam’s top insurer Baoviet Holdings group said on Thursday it expects net profit for this year at 1.18 trillion dong ($56 million), or 4 percent lower than 2013.

Hanoi-based Baoviet has also projected a 7.2 percent rise in revenues in 2014 to 18.33 trillion dong, it said in a statement issued after shareholders approved the Hanoi-based group’s business targets earlier on Thursday.

The statement gave no reasons for the lower profit outlook.

Shares of the group closed down 1.58 percent at 37,300 dong ($1.77) each on Thursday, a day after state media reported that the former chief executive of the firm and two former senior officials faced police investigations for wrongdoings in management. ($1=21,085 dong) (Reporting by Ho Binh Minh; Editing by Himani Sarkar)

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