Phu Nhuan Jewelry Joint Stock Company reported pre-tax profits of VND561 billion (US$24.73 million) in the first 11 months of the year, a year-on-year increase of 132 per cent and higher than the full-year target.

Revenues rose by 9 per cent to VND7.682 trillion ($338.7 million).

The jewellery manufacturer opened 24 new stores last month, raising the total number to 214 in 47 provinces and cities.

The company, which has the largest distribution system in the country, will open seven more this month.

Constant investment in new technologies and equipment and training for its artisans, effective financial management activities and professional marketing are the key factors that help it surpass its targets, PNJ said.

Meanwhile, PNJ Charity Fund has contributed VND4.5 billion this year for social and environmental protection activities, including construction of houses for poor people in the flood-hit province of Quang Binh. — VNS