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Coteccons targets $426 million in revenue

Released at: 08:51, 15/04/2015

Coteccons targets $426 million in revenue

Major contracts and recovery of the real estate market behind belief target can be met.

by Thu Hoang

Mr. Nguyen Ba Duong, Chairman and CEO of the Cotec Construction JSC (Coteccons - stock ticker CTD) told its annual shareholders meeting on April 14 that the company is confident of reaching its targeted revenue for 2015 of VND9.2 trillion ($426 million) and after-tax profit of VND400 billion ($18.5 million). In 2014 it earned VND7.63 trillion ($353.4 million) in revenue and passed on a dividend of 50 per cent, which is expected to be 30 per cent this year.

Coteccons has already secured 50 major contracts this year, including short-term and long-term. “CTD will need to invest VND600 billion ($27.78 million) in equipment during the year for projects where the company is the general contractor,” Mr. Duong said.

Regarding its strategy for development over the next five years (2015-2020), Coteccons will expand its scale of operations in the local market, paying particular attention to the development of packages that include design and construction “from A to Z”. The company also prioritizes shoring up its presence in China and Laos, where it saw positive revenue results in 2014.

Vietnam’s real estate market recovered in 2014 and the early months of 2015, with the return of mid to high-end apartments. “This is a major advantage, as all of our projects are in these segments,” Mr. Duong said.

Thirty per cent of Coteccons’ projects are in industrial construction, 40 per cent in housing construction, and 30 per cent in hotel, office, and retail space construction.

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