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Coteccons reaps $176.2mn in Q1

Released at: 19:00, 10/04/2017

Coteccons reaps $176.2mn in Q1

Illustrative image. Photo: coteccons.vn

Growth of 27% in line with expectations, construction giant says.

by Hai Van

The Coteccons Construction JSC (Coteccons, stock code CTD) has announced that its business results in the first quarter of the year totaled VND4 trillion ($176.2 million), up 27 per cent year-on-year.

The growth was in line with expectations, according to Deputy General Director Tran Quang Tuan.

Total contracts were valued at VND8.7 trillion ($383.4 million), including in the second stage of the Ho Tram project, the Paihong factory, A&B Central Square Nha Trang, Dragonbay Ha Long, and Vinhomes Metropolis.

Coteccons was also named among the best places to work in Vietnam’s building sector, being in the Top 5 in leadership and compensation / welfare.

Mr. Tuan also announced the establishment of Covestcon Ltd, with charter capital of VND26 billion ($1.1 million). A wholly owned subsidiary of Coteccons, its main business lines are brokerage and trading. These are the first steps by Coteccons in carry out its investment activities announced last year.

Covestcon will directly research and conduct real estate projects such as offices and resorts and will also take over potential projects announced by Coteccons in the past.

Coteccons has also announced the postponement of its 2017 Annual General Meeting (AGM). Scheduled for April 13 at the New World Hotel in Ho Chi Minh City, the meeting has been postponed due to preparations by the Board of Directors and the Board of Supervisors for the new term not being completed.

The AGM is expected to be held sometime in the second quarter.

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