More than 40 of the 62 property businesses listed on the stock market,or 75 percent of the total, reported profits in the first quarter of theyear.
Of these, 21 percent of enterprises had profits ofseveral hundreds of millions of Vietnamese dong, 50 percent had profitof 1 to 20 billion VND (47,600 USD-952,000 USD) and 4 percent earnedprofits between 20 billion VND and 1 trillion VND (47.6 million USD),said Le Hoang Chau, Chairman of the HCM City Real Estate Association.
The figures showed that the real estate market has become warmer due to the recovery of the macro-economy, Chau said.
The demand for housing has risen, especially the market segment for low and middle income groups.
Vingroup tops the list of property enterprises with high revenue of6.17 trillion VND (293.8 million USD), which was six times higher thanthe same period last year.
Its after-tax profit rose four times to 1.06 trillion VND.
Hoang Anh Gia Lai Group posted after-tax revenue of 398 billion VND(18.9 million USD), posting a 33 percent growth rate. Its total turnoverin January-March period rose 28 percent to 925 billion VND (44 millionUSD).
Several real estate firms such as FLC Group andFIT Investment Company also reported profits in the first quarter, whichwas equal to the whole of last year.
According to FLC Group'sconsolidated financial report, its turnover in the period reached 360billion VND (17.1 million USD), up 69 percent in comparison with thesame period last year. After-tax profit rose 32 times to 39.4 billionVND (1.8 million USD).
However, Chau noted that therewere some other property firms who had registered profits from theirassociated companies or subsidiaries in other sectors.
He added that the figures in financial reports have not given theaccurate picture of property firms. This year companies could continueto face difficulties.
However, he said that theproperty market could see improvements in the future as the NationalAssembly is expected to approve the law on housing, real estate tradingand construction, which is expected to make changes in the market. Ofthese, the segment of small and medium sized apartments would draw theinterest of home buyers.-VNA
Of these, 21 percent of enterprises had profits ofseveral hundreds of millions of Vietnamese dong, 50 percent had profitof 1 to 20 billion VND (47,600 USD-952,000 USD) and 4 percent earnedprofits between 20 billion VND and 1 trillion VND (47.6 million USD),said Le Hoang Chau, Chairman of the HCM City Real Estate Association.
The figures showed that the real estate market has become warmer due to the recovery of the macro-economy, Chau said.
The demand for housing has risen, especially the market segment for low and middle income groups.
Vingroup tops the list of property enterprises with high revenue of6.17 trillion VND (293.8 million USD), which was six times higher thanthe same period last year.
Its after-tax profit rose four times to 1.06 trillion VND.
Hoang Anh Gia Lai Group posted after-tax revenue of 398 billion VND(18.9 million USD), posting a 33 percent growth rate. Its total turnoverin January-March period rose 28 percent to 925 billion VND (44 millionUSD).
Several real estate firms such as FLC Group andFIT Investment Company also reported profits in the first quarter, whichwas equal to the whole of last year.
According to FLC Group'sconsolidated financial report, its turnover in the period reached 360billion VND (17.1 million USD), up 69 percent in comparison with thesame period last year. After-tax profit rose 32 times to 39.4 billionVND (1.8 million USD).
However, Chau noted that therewere some other property firms who had registered profits from theirassociated companies or subsidiaries in other sectors.
He added that the figures in financial reports have not given theaccurate picture of property firms. This year companies could continueto face difficulties.
However, he said that theproperty market could see improvements in the future as the NationalAssembly is expected to approve the law on housing, real estate tradingand construction, which is expected to make changes in the market. Ofthese, the segment of small and medium sized apartments would draw theinterest of home buyers.-VNA
