Minh Phu Seafood reports positive business results despite lower prices

Tuesday, Jan 15, 2019 17:24

Workers at Minh Phu Company in Ca Mau City process seafood for export. — VNA/VNS Photo

Minh Phu Seafood Corporation (MPC) reported it exported 67,646 tonnes of products last year, 107 per cent of its target for the year.

The company earned US$750.7 million, fulfilling 93 per cent of its target.

Global shrimp prices have fallen by 25 per cent but the company’s output increased by 19 per cent, helping raise revenue by 7 per cent.

Minh Phu estimated its pre-tax profit at VND1.2 trillion ($51.5 million), which might exceed the planned target.

In December alone, the company exported 5,635 tonnes of products and recorded a turnover of $65.75 million. The US was its largest export market with $19.28 million, accounting for 29.3 per cent.

The company said business activities last year still saw growth in both output and profit despite the difficulties facing the Vietnamese and world shrimp industries.

Viet Nam’s application of new shrimp farming technology last year and the competitive price of Vietnamese raw shrimp helped the company improve its profit margin compared with 2017. — VNS

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