NBB plans to double net profit after Carina Plaza fire

April 06, 2018 | 12:43

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At the annual general shareholders’ meeting expected to take place on April 24, 577 Investment Coporation (NBB), some buildings of which have been partnered by Japanese Creed Group, will submit the target of VND170 billion ($7.5 million) in net profit, doubling 2017 performance.

nbb plans to double net profit after carina plaza fire

NBB was not discouraged by the Carina Plaza fire

The corporation plans to gain VND850 billion ($37.44 million) in revenue this year, 24 per cent less than the VND1.117 trillion ($49.2 million) in 2017.

However, NBB plans to sharply increase pre-tax profit from VND75.6 billion ($3.33 million) to VND215 billion ($9.5 million). After-tax profit is also planned to increase to VND170 billion ($7.5 million), while it was approximately VND73 billion ($3.2 million) last year.

On the other hand, NBB intends to propose the general shareholders’ meeting to raise CII’s ownership to 49 per cent without a public offering. Ho Chi Minh City Infrastructure Investment JSC (CII) is currently holding 34.12 per cent of NBB’s capital, equivalent to 33.2 million shares.

After the Carina Plaza fire, NBB’s stock dropped like a stone for eight consecutive sessions, despite the corporation trying to clarify that it is not the developer of Carina Plaza, despite its 95 per cent ownership in Hung Thanh. After the apology and promises of compensation, the stock of the parent company has lightly increased to VND18,000.

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