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HBC targets $245 million in revenue in 2015

Released at: 14:43, 25/04/2015

HBC targets $245 million in revenue in 2015

AGM told this year the beginning of a new phase for company.

by Minh Tuyet

The Hoa Binh Construction and Real Estate Corporation (HBC) targets revenue of more than $245 million in 2015, an increase of 40 per cent compared to 2014, its annual general meeting on April 22 was told. It also aims for $83.39 million in net profit, or 150 per cent more than last year.

This year it plans to issue 1 million shares and 1.3 million stock purchase rights, to its employees. Moreover, it intends to separately issue 20 million shares at a maximum for strategic investors, at a price of VND10,000 ($0.46) per share. In doing so it will increase its charter capital and have additional funds for its manufacturing business.

Last year HBC had contracts valued at $231.5 million. Of this, $138.9 million is in the 2015 accounts, with the remainder in 2016. In the first quarter of this year it signed contracts worth a total of some $138.9 million. Contracts being negotiated this year could be worth over $138.9 million. As a result, 2015 contract value is expected to total $277.86 million, with $92.6 million to be disbursed.  

In 2014 HBC’s revenue was $162.9 million, or 70 per cent of that planned. Its after-tax profit was $3.2 million, or 2.7 times higher than in 2013, and 40 per cent of its target. Although failing to reach both targets, its return on sales was 11.7 per cent, an increase of 9.07 per cent against 2013.

HBC expects 2015 will open up a new stage of its development, Chairman and CEO Le Viet Hai said. “HBC anticipates becoming the leading bidder in ASEAN and will contribute more to the national economy, and enhance its business in exporting construction services to foreign countries with well-qualified workers and international standard management systems,” he said.

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