REE Suffers Loss of VND80.7 Bln in Jan-November
The Refrigeration Electrical Engineering Corp (REE) announced that it suffered loss of VND80.7 billion (US$4.9 million) in the first 11 months of this year despite its revenues growing 39.1 per cent on year to VND1.2 trillion.
The company’s Jan-Nov revenues exceeded 8.7 per cent over its target of VND1.1 trillion set for the full year.
In November, REE obtained pretax profit of VND39 billion on revenues of VND106.7 billion.
The giant engineering company is one of a few loss-makers because the company suffered losses from financial investment, resulting from the slumps of the stock market.
The blue-chip REE has fallen from VND100,000 in early January to end at VND22,300 today [December 18]. (Vietnam Economic Times)
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