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SCIC targets 7.34 trillion VND in post-tax profit in 2017
Source: VNA - 4/20/2017 9:32:36 AM
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The State Capital Investment Corporation (SCIC) has announced that in the first quarter of 2017, it recorded 639 billion VND (28.1 million USD) in revenue, 584 billion VND (25.7 million USD) in pre-tax profit and 503 billion VND (22.1 million USD) in post-tax profit.

The results were rather modest compared to the targets set for the whole year, which are 11.24 trillion VND (494.3 million USD) in revenue, 8.33 trillion VND (366.4 million USD) in pre-tax profit, and 7.34 trillion VND (322.8 million USD) in post-tax profit.

SCIC Deputy Director General Nguyen Hong Hien told a press conference on April 19 that the poor performance is attributable to the fact that State capital is often sold in the third and fourth quarters. SCIC can only specify the exact value of State capital at companies through financial reports which are submitted after their shareholders’ meetings in the first and second quarters.

Meanwhile, a large number of small-sized enterprises also made the divestment of State capital unattractive to investors, leading to low revenue in the first quarter, he added.

Meanwhile, chairman of the SCIC members’ council Nguyen Duc Chi affirmed that all activities of SCIC aim to maintain the value of State capital at businesses and make that capital profitable.

Regarding SCIC’s investment projects in 2017, Chi said the corporation decided to invest in a cancer medicine factory project in Vietnam. With this project, SCIC hopes that a Vietnamese business will be set up to produce cancer medicine for local people.

SCIC and the Vietnam National Cancer Hospital (K Hospital) signed a memorandum of understanding on investment cooperation in the form of public-private partnership (PPP).

In addition, the company will continue with its financial tower project whose construction is set to begin in 2017.
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