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Coteccons profits plunge by half, blames higher costs

11:08 | 05/05/2021

Construction giant Coteccons saw post-tax profits fall 56 percent year-on-year to VND54 billion ($2.3 million) in the first quarter. It blamed the fall on a 10 percent rise in operating expenses. Revenues were down 28 percent to VND2.57 trillion as many construction projects were delayed due to the Covid-19 pandemic, it said. It has set revenue and post-tax profit targets of VND17.4 trillion and VND340 billion for 2021, 20 percent and 2 percent up from last year.