Sacomreal (SCR), the real estate arm of Sacombank (STB), posted a high net profit of 91.37 billion dong (US$4.4 million) in the first three months of this year, which far exceeded the net profit of just 2.33 billion dong ($111,000) in the first quarter of last year.
The result was attributed to the joint-venture business with Sai Gon Thuong Tin Tan Thang Investment Real Estate Co, which earned Sacomreal a total of 87.71 billion dong ($4.2 million) during the period.
However, the company's main business and financial activities declined. Its gross revenue totalled just 101.8 billion dong ($4.8 million), a year-on-year decrease of 64 per cent, while revenue from financial investments also dropped 20.8 per cent to 38.5 billion dong ($1.8 million). - VNA
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