Major industrial park developer Kinh Bac suffers setback with $3 mln Q1 loss

By Lan Do
Wed, May 1, 2024 | 3:51 pm GMT+7

Vietnamese industrial park developer Kinh Bac Urban Development Corporation recorded Q1/2024 losses of VND76.7 billion ($3 million), a setback considering its annual profit target of VND4,000 billion ($157.8 million).

Kinh Bac, listed on the HCMC Stock Exchange (HoSE) as KBC, saw its Q1 revenue plunge 93.1% year-on-year to VND152.3 billion ($6 million).

Its profit after tax was VND76.7 billion ($3 million), down from VND1,056.4 billion ($41.7 million) in the same period last year.

Its Q1/2024 performance marked a return to losses after four successive profitable quarters. It had recorded a Q4/2022 loss of VND558.8 billion ($22 million).

The company has attributed the Q1/2024 loss to not receiving expected industrial park rental revenues.

A Q1/2024 loss of $3 million has been a setback for industrial developer Kinh Bac, given its 2024 profit target of $157.8 million. Photo courtesy of Kinh Bac.

A Q1/2024 loss of $3 million has been a setback for industrial developer Kinh Bac, given its 2024 profit target of $157.8 million. Photo courtesy of Kinh Bac.

Kinh Bac has targeted revenues of VND9,000 billion ($355 million) this year as well as an after-tax profit of VND4,000 billion ($157.8 million).

The targets were based on the company’s rental revenue from a total of 150 hectares at the Nam Son Hap Linh (Bac Ninh province), Quang Chau (Bac Giang province), Tan Phu Trung (HCMC) and Trang Due 3 (Hai Phong city) industrial parks, as well as industrial clusters in Hung Yen and Long An provinces.

The company management also said that its urban area projects were expected to bring in revenue and profits this year.

Snce the end of 2023, many private corporations and multinational majors have shown interest in locating their facilities in the company’s industrial parks, the management said.

Legal procedures for the Trang Due 3 and Loc Giang IPs, and Phuc Ninh and Trang Cat urban area projects are expected to be completed and approved in the second quarter of this year, they added.

They also said the company was striving to complete legal procedures and obtain approval for projects in other localities including Bac Ninh, Thai Nguyen, Hau Giang, Can Tho, and Ba Ria-Vung Tau, involving almost 3,500 hectares of industrial park and 650 hectares of urban land areas.

Comments (0)
  • Read More
Vietnam's leading construction contractor Hoa Binh targets US market amid low domestic profit

Vietnam's leading construction contractor Hoa Binh targets US market amid low domestic profit

Hoa Binh Construction Group, one of Vietnam's top contractors, is negotiating a joint venture agreement with American partners to pave the way for implementing major projects in the U.S.

Companies - Fri, May 2, 2025 | 2:04 pm GMT+7

Northern Vietnam province Hai Duong to have first urban area-golf course complex

Northern Vietnam province Hai Duong to have first urban area-golf course complex

Hai Duong province's authorities have granted in-principle approval for the Lien Hong New Urban Area and Golf Course project, with a total investment of VND11 trillion ($423 million).

Real Estate - Fri, May 2, 2025 | 9:59 am GMT+7

Central Vietnam 'awakened' by major resort projects

Central Vietnam 'awakened' by major resort projects

From once-abandoned coastal lands to emerging resort-urban areas, central Vietnam is witnessing a strong resurgence of investment.

Real Estate - Fri, May 2, 2025 | 9:22 am GMT+7

Vietnam Airlines posts strong profit on international passenger surge, fuel price decline

Vietnam Airlines posts strong profit on international passenger surge, fuel price decline

National flag carrier Vietnam Airlines (HVN) said on Wednesday that it recorded consolidated pre-tax profit of around VND3.6 trillion ($138 million) on consolidated revenue of approximately VND31.1 trillion ($1.2 billion) in Q1/2025.

Companies - Fri, May 2, 2025 | 8:17 am GMT+7

S Korean firms pledge nearly $2 bln in new investments in Indonesia

S Korean firms pledge nearly $2 bln in new investments in Indonesia

South Korea's companies will increase their investment in Indonesia by $1.7 billion, Indonesian Economic Minister Airlangga Hartarto said on Monday after attending a meeting between a Korean business association and President Prabowo Subianto.

Southeast Asia - Thu, May 1, 2025 | 10:01 pm GMT+7

Malaysia develops sustainable semiconductor ecosystem

Malaysia develops sustainable semiconductor ecosystem

The Malaysian Investment Development Authority (MIDA), the Federation of Malaysian Manufacturing (FMM), and Bintang Capital Partners (Bintang Capital) on Monday announced a landmark MoU signed recently regarding the establishment of Bintang Semiconductor Impact Fund I (BSIF I).

Southeast Asia - Thu, May 1, 2025 | 9:59 pm GMT+7

Vietnam to become second-largest economy in Southeast Asia by 2036: CEBR

Vietnam to become second-largest economy in Southeast Asia by 2036: CEBR

The Centre for Economic and Business Research (CEBR), in its report World Economic League Table 2022, forecasts that Vietnam will become the second-largest economy in Southeast Asia after Indonesia and the 20th-largest economy in the world by 2036.

Southeast Asia - Thu, May 1, 2025 | 9:42 pm GMT+7

Vietnam conglomerate Vingroup's Q1 revenue surpasses $3 bln for first time

Vietnam conglomerate Vingroup's Q1 revenue surpasses $3 bln for first time

Vingroup, Vietnam's leading private conglomerate, recorded revenue of VND84.05 trillion ($3.3 billion) in the first quarter of 2025, its record high.

Companies - Thu, May 1, 2025 | 3:44 pm GMT+7

Work starts on expressway connecting Vietnam's Central Highlands with southeastern region

Work starts on expressway connecting Vietnam's Central Highlands with southeastern region

Construction on Tuesday began on the first component of Gia Nghia town (the Central Highlands province of Dak Nong)-Chon Thanh town (the southeastern province of Binh Phuoc) section of the North-South Expressway.

Infrastructure - Thu, May 1, 2025 | 2:46 pm GMT+7

Final sections of central Vietnam’s longest sea-crossing bridge joined

Final sections of central Vietnam’s longest sea-crossing bridge joined

Authorities of Hue city in central Vietnam on Wednesday held a ceremony to celebrate the joining of the final sections of Thuan An sea-crossing bridge, a landmark infrastructure project with significant implications for local development and tourism.

Infrastructure - Thu, May 1, 2025 | 2:35 pm GMT+7

Lach Huyen port will achieve 70% of year's target in worst-case scenario: exec

Lach Huyen port will achieve 70% of year's target in worst-case scenario: exec

Lach Huyen deep-water port, the largest of its kind in northern Vietnam, would see its cargo volume decline by 30-50% if the U.S. maintains its 46% reciprocal tariff on Vietnam and the U.S.-China trade tensions escalate, said CEO of Port of Hai Phong JSC (Hai Phong Port) Nguyen Tuong Anh.

Companies - Thu, May 1, 2025 | 12:24 pm GMT+7

Taiwan electronics firm Lite-On to invest extra $25 mln for expansion in Vietnam

Taiwan electronics firm Lite-On to invest extra $25 mln for expansion in Vietnam

Taiwan-based Lite-On Technology Corporation, a world leader in optoelectronics and power management solutions, will invest an additional $25 million in Vietnam as part of its expansion plan in the Southeast Asian country.

Industries - Thu, May 1, 2025 | 12:13 pm GMT+7

Petrovietnam on track to restart $1.5 bln thermal power plant project in southern Vietnam

Petrovietnam on track to restart $1.5 bln thermal power plant project in southern Vietnam

State-owned energy giant Petrovietnam is on track to resume the Long Phu 1 thermal power project, located in the Mekong Delta province of Soc Trang, after six years of suspension.

Energy - Thu, May 1, 2025 | 12:10 pm GMT+7

Vietnam's steel industry will see 'turning points': Hoa Phat CEO

Vietnam's steel industry will see 'turning points': Hoa Phat CEO

The U.S. imposition of tariffs will not directly affect Vietnam's steel industry, while the industry is expected to record turning points as demand for infrastructure development surges, said Nguyen Viet Thang, CEO of Hoa Phat Group.

Companies - Thu, May 1, 2025 | 8:17 am GMT+7

Vietnam's leading property developer Novaland sets sights on strong recovery in 2025

Vietnam's leading property developer Novaland sets sights on strong recovery in 2025

Novaland, Vietnam's leading property developer, is setting its sights on a strong recovery in 2025, with plans to issue nearly 7,000 land-use right certificates and accelerate handovers in the fourth quarter.

Companies - Wed, April 30, 2025 | 3:12 pm GMT+7

Vietnam's private lender Eximbank aims for 23.8% growth in 2025 pre-tax profit  

Vietnam's private lender Eximbank aims for 23.8% growth in 2025 pre-tax profit  

Eximbank, among the leading mid-sized banks in Vietnam, targets a consolidated pre-tax profit of VND5.2 trillion ($200 million), an increase of VND1 billion or 23.8% compared to 2024, marking the bank's record-high profit.

Banking - Wed, April 30, 2025 | 1:19 pm GMT+7