Coteccons Q3 profit hits five-year low

VnExpress | Dat Nguyen Monday | 11/02/2020 10:33

Engineers of Coteccons work at a project in District 1, HCMC, in 2018. Photo by CTD.

Construction giant Coteccons saw post-tax profits plunge by half year-on-year to VND88 billion ($3.79 million) in the third quarter, the lowest quarterly figure since 2015.

The company’s revenues went down 55 percent to VND2.8 trillion in the period as many construction projects were delayed due to the Covid-19 pandemic, it said in a financial statement.

In the first nine months, its post-tax profits fell 23 percent year-on-year to VND370 billion, while revenues were down 37 percent to VND10.3 trillion.

The company targets a post-tax profit of VND600 billion this year, down 15.5 percent year-on-year.

Last month, chairman Nguyen Ba Duong stepped down after a 17-year tenure that saw the company grow into Vietnam’s largest contractor.

He has been replaced by Kazakhstani Bolat Duisenov, currently the CEO of Kusto Vietnam, a construction and property developer unit of Singapore-based Kustocem which owns a 18.23 percent stake in Coteccons.

► Coteccons founder Nguyen Ba Duong no longer a major shareholder

► Coteccons’ Board to get two more foreign members, after two Vietnamese resign

Source: VnExpress