Food producer KIDO Group has achieved 75 per cent of its full-year profit target, and is on course to reach it.

Its pre-tax profit of VND266 billion (US$11.5 million) in the first nine months is double that of the comparable period last year, KDC said, attributing its growth to the chilled foods segment.

Third quarter profit was over VND72.7 billion ($3.1 million), a 95 per cent rise year-on-year.

Net revenue for the quarter was VND1.85 trillion ($80 million), a 4 per cent decline due to falling global cooking oil prices.

The quarter saw revenue growth of 24 per cent in the ice cream segment.

KDC’s subsidiary, Kido Foods, posted net revenue growth of 12 per cent in the third quarter as it launched new products like water melon ice cream.

Its pre-tax profit of the quarter was VND180 billion ($7.7 million), a 238 per cent increase year-on-year.

But other subsidiaries saw revenue declines during the quarter.

Vietnam Vegetable Oils Industry Corporation (Vocarimex) reported a 53 per cent fall to VND517 billion ($22.3 million).

Tuong An Vegetable Oil Joint Stock Company (TAC) said it was down by 9.6 per cent to VND1 trillion.

But revenues from premier products rose by 13 per cent.

Profit before tax was over VND41.3 billion ($1.8 million), up 73.8 per cent.

TAC said to meet the demand during the Lunar New Year early next year, it would continue to increase production of some of its premier gift products.

The distribution system would also be further expanded, it added.

KIDO Group was established in 1993 and has become a leading food producer in Viet Nam. It sells instant noodles, chilled foods, cooking oils and ice creams among other products. — VNS