Vietnamese 'shark' company's profits halved

Mr. Nguyen Thanh Viet's company announced for the first time that its after-tax profit decreased by nearly half in the first 6 months of this year.

Infrastructure and Transport Construction Investment Joint Stock Company (Intracom) reported a profit of nearly VND26 billion for the first 6 months, down more than 47% compared to the first half of last year. This is the first time the company has disclosed this information.

At the end of June, Intracom's total assets reached nearly VND8,900 billion. Of which, the company's total liabilities were recorded at nearly VND4,700 billion, 1.12 times higher than its equity. Outstanding bonds accounted for a very small proportion of about VND135 billion.

An inpatient room in Phuong Dong General Hospital of Intracom. Photo: Intracom

Infrastructure and Transport Construction Investment Joint Stock Company was initially a state-owned enterprise, operating since the end of 2002 in the fields of real estate investment, clean energy, construction materials, and construction and installation. In 2006, this enterprise was equitized, and now has more than 30 member companies, investing in many fields and has branches in Singapore and Japan.

One of Intracom’s important sectors is real estate. It is the investor of apartment projects in Hanoi such as Intracom Cau Dien (Bac Tu Liem), Intracom Riverside (Dong Anh), Intracom Harmony and Intracom Trung Van (Nam Tu Liem).

This enterprise also poured money into the hydropower sector with projects such as Nam Pung, Ta Loi 1 - 2 - 3, Cam Thuy 1, Muong Lam... Recently, the company continued to participate in wind, wood, solar, and waste power projects.

In addition, Intracom is also known in the medical field. The company contributed more than 1,000 billion VND to establish Phuong Dong Medical Complex Company Limited in 2010. This enterprise currently owns a general hospital, a nursing home and an oncology hospital.

Mr. Nguyen Thanh Viet - Chairman of Intracom - has recently been known for participating in the program Shark Tank Vietnam (Billion Dollar Deal). He supports capital for startups such as CDTS, Tokai, Triip, DalatFOODIE, BluSaigon, Namaste.

Siddhartha

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