Vinhomes revenues double, but profits sharply down

Property giant Vinhomes reported a 99 percent year-on-year rise in first-quarter revenues to VND12.9 trillion ($564.6 million).

But pre-tax profits were down 30 percent to VND7 trillion due to rising selling expenses.

At the end of last year, the company had claimed to have 16,800 hectares of lands for residential and commercial projects.

It recently received approval from the government to develop the Dai An urban area in the northern province of Hung Yen, which will spread over 294 hectares, cost VND32.6 trillion and be completed in 2027.

It plans to complete and hand over three other urban areas this year, one in Hung Yen and two in Hanoi.