Vinaconex Corporation plans to invest VND2 trillion (US$87 million) in the Cat Ba-Amatina project.

This move confirms the corporation will continue promoting production and business activities in the direction of development, based on the three pillars; construction, real estate and financial investment.

The project is promoted by Vinaconex-ITC in infrastructure construction and utility works. The corporation has increased its ownership share of Vinaconex-ITC to 51 per cent.

Vinaconex's consolidated financial statements for the first quarter of this year show that the unit achieved more than VND1.3 trillion in revenue and VND789 billion in profit after tax, completing 13 per cent of the revenue target and 55.6 per cent of the revenue target for the whole year.

After deducting expenses, the business achieved a pre-tax profit of VND787 billion. Thus, net revenue and profit before tax increased by 40 per cent and 74 per cent respectively over the same period last year.

Vinaconex's consolidated profit after tax rose by 126 per cent compared to the same period last year.

The corporation’s general meeting of shareholders recently approved the plan for total consolidated revenue to reach VND15.3 trillion this year and consolidated profit after tax to VND1.4 trillion, up 143 per cent and 169 per cent respectively compared to the implementation of last year. — VNS