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Minh Phu to relist company, targets 10-fold increase in 2017 profits

It delisted in 2015 and will return to the stock exchange next week.

Vietnamese shrimp firm Minh Phu Seafood Corporation will return to the Hanoi Stock Exchange’s Unlisted Public Company Market next Monday at VND 79,000 ($3.48/€2.96) per share, lower than its VND 122,000 ($5.37/ €4.57) closing price on March 30, 2015, when it ended its listing on the Ho Chi Ming Stock Exchange because its prices didn’t reflect the company's real value, according to Vietnam News.

Since then, the company lost VND 7 billion in 2015 but bounced back with VND 82 billion ($3.6 million/3.1 million) in profits in 2016 with revenues of nearly VND 12.1 trillion ($500 million/€400 million), according to the news site.

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It plans to consolidate revenues of VND 15.8 trillion ($700 million/€600 million) and net profit of VND 841 billion ($37 million/€32 million) this year, a 31 percent jump in revenue and 10-fold increase in profit. So far the company's profits in the first half of the year are VND 159 billion ($7 million/€6 million), according to the news site.

Minh Phu's 2016 export turnover was more than $530 million (€450.8 million ), with most exports going to the United States, $220 million (€187.1 million), followed by Japan with $109 million (€92.7 million), according to the news site.

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