July 31, 2018 / 5:15 AM / a year ago

Vietnam's Vinhomes H1 net profit surges 10 times

HANOI, July 31 (Reuters) - Vinhomes, Vietnam’s leading property developer, reported on Tuesday its first-half profit jumped 10 times from previous year to 7.9 trillion dong ($339.4 million), underpinned by robust sales.

Vietnam’s second-biggest listed firm by market value said its total revenue in the six-month period surged thrice from the corresponding period last year to 15.7 trillion dong.

For the second quarter, the company reported a three-fold increase in revenue to 5.4 trillion dong, while its net profit sky-rocketed to 3.88 trillion dong from 6.9 billion dong last year.

Vinhomes, a unit of Vietnam’s top firm Vingroup, made its trading debut on the Ho Chi Minh Stock Exchange in May this year, after raising about $1.35 billion dong in what was Vietnam’s biggest-ever equity offering. ($1 = 23,275 dong) (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)

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