Incomfish expects to reach VND24 billion of profit

The Investment Commerce Fisheries Corporation (Incomfish) released its 2010 business report and announced business plan in 2011. The company plans to upgrade a new IQF (Individually Quick Frozen) line with a capacity of 1,000 kilograms of finished products per hour and invest in installing auto weigh and packaging lines  with 1,000 kilograms per hour, reports www.megafishnet.com with reference to VASEP.

In early 2010, input costs increased by 20 percent on that of the same period of 2009. The raw shrimp price doubled, pushing up production cost and higher finished product price. While the bank loan rate rose and the demand of import markets reduced, leading to its 2010 revenue of VND307 billion, equal to 70 percent of that in 2009. The company's 2010 post-tax revenue reached VND20 billion, equal to 73 percent of 2009. Besides, Incomfish also faced difficulties in exporting its products to EU market due to new regulations on IUU fishing.

According to the company's report, in QI/2011, it reached VND75.52 billion of revenue, up 56 percent and VND554 million of post-tax profit, down 72 percent on that of the same period of 2010.

In the business plan of this year, Incomfish expects to reach VND543.4 billion of revenue and VND24 billion of post-tax profit.