Vietnam’s Masan 2010 net profit soars 342pct

Masan Group Corp MSN.HM, one of Vietnam’s largest private sector business groups, said on Friday its net profit soared 342 percent to nearly 3 trillion dong ($144 million) last year.

Masan said in an earnings report posted on its website (www.masangroup.com) it made gross revenue of 5.69 trillion dong in 2010, compared with 4.08 trillion dong in 2009.

Masan has grown from a company primarily focused on food into a conglomerate with businesses in food, financial services, property and mining, including the Nui Phao Mining tungsten project in the province of Thai Nguyen, 80 km (50 miles) north of Hanoi.

In a separate statement posted on the Ho Chi Minh City Stock Exchange website (www.hsx.vn), the firm said its net profit leapt 647 percent to 2.23 trillion dong in the fourth quarter of last year.-by John Ruwitch, Alan Raybould

http://af.reuters.com/article/metalsNews/idAFSGE72H01M20110318

Tags: Vietnam business, Vietnam enterprises