VOF posts $18.7m loss in H2 2010

During the last half of 2010, the fund’s business operations suffered heavy losses while in the same period of previous year, VOF gained nearly $100 million profit. The fund attributed the loss to the fluctuation of gold price and high forex rate.



VinaCapital Vietnam Opportunity Fund (VOF), a closed-end fund run by VinaCapital, has recently announced its performance in the H2 2010 with a loss of $18.7 million, falling strongly from the profit of $99.86 million of the same period of previous year.



The return on each share was -$0.66 while in H2 2009, it was $0.31 per unit.



Till December 31, 2010, VOF’s cash and cash equivalents reached $47.9 million.



The fund’s net asset value (NAV) till the end of 2010 was $772.8 million, equalling to $2.38 per fund certificate, falling strongly from $783 million ($2.41 per fund certificate) from the end of June 2010.



The last half of 2010 was a difficult period of Vietnam’s economy due to the people rushed to buy gold, pushing up the gold price and the dong devaluated against the US dollar. This caused strong impacts to the business operations of VOF in H2 2010.



On the London stock exchange, the stock price of VOF by the end of December 2010 was $1.88, increasing 34.3 percent from the end of June 2010 ($1.4 per share). In March 2011, the share price of VOF also tumbled strongly due to the difficulties from Japanese capital market caused by the earthquake and tsunami.



In the last six months 2010, VOF disbursed $9.4 million more to stock of An Giang Plant Protection Joint Stock Co, made a buyback into Binh Dien Fertiliser Co and Thai Hoa Group, at the same time, continued to calculate its revenue from selling the resort project in Da Nang and HCM City.

Tags: Vietnam business news, vietnam enterprices

Posted by VBN on Mar 30 2011. Filed under Enterprises. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry