Property developer, Vincom profit ups 33 per-cent on rentals

Vincom Joint-Stock Co., a Vietnamese real estate developer, said first-quarter profit rose 33% on increased office rentals and higher revenue from advertisements placed in the company’s premises.
Net income surged to VND38 billion (US$2.4 million) in the three months ended March 31, from VND28.5 billion ($1.77 million) in the year-earlier period, the Hanoi-based company said this week.
Sales rose to VND53 billion ($3.29 million) from VND43 billion ($2.67 million).
A “wide range” of clients signed contracts to rent stalls at higher rentals and “many’’ contracts were secured for partners to post promotional posters in and outside Vincom’s buildings, the company said, without providing more details.
Vincom shares gained VND1,500 ($0.09), or 1.7%, to VND90,500 ($5.6) on the Ho Chi Minh Stock Exchange, the country’s main board.
The property developer has 120 million shares outstanding, and a market value of VND11 trillion($684 million), making it the seventh-biggest company on the Ho Chi Minh Stock Exchange, according to data compiled by Bloomberg. (Bloomberg)