Truong Hai Automobile Joint Stock Co (Thaco) recorded VND27.75 trillion (US$1.18 billion) in revenue in the first half of this year, marking an increase of 9 per cent year-on-year.

According to Thaco’s financial report, which was released recently, the company earned post-tax profit of more than VND3.3 trillion during the January-June period, up 17 per cent compared with the same period last year.

In its business plan this year, Thaco set a target of VND73.548 trillion in net sales and VND7.07 trillion in profit after tax. After the first half of the year, the firm achieved 38 per cent of the planned net revenue and more than 42 per cent of post-tax profit.

As of June 30, total assets of Thaco reached VND65.73 trillion, up 8.6 per cent over the beginning of the year. Loans were VND15.125 trillion, equivalent to 23 per cent of total assets, of which VND14.037 trillion was short-term loans and VND1.088 trillion was long-term loans.

Thaco is the leading company in Viet Nam in the field of automobile assembly and distribution. The company has expanded its activities in the agricultural sector recently. Specifically, Thaco and Hoang Anh Gia Lai Joint Stock Co (HAGL) reached a strategic co-operation agreement to invest in Hoang Anh Gia Lai International Agricultural JSC (HAGL Agrico) and Hoang Anh Construction and Housing Development JSC (HAGL Land).

Accordingly, Thaco and its shareholders will own 35 per cent of HAGL Agrico with a total investment of VND3.8 trillion. At the same time, Thaco, through its subsidiary Dai Quang Minh Real Estate Investment JSC, will own 65 per cent of HAGL Land with total investment capital of VND4 trillion.

According to the commitment, Thaco will also arrange to restructure debts of about VND14 trillion, mobilise investment capital for taking care of and expanding existing orchard area, and continue to invest in the second phase of the HAGL property project in Myanmar. — VNS