VIETNAM: Masan Group posts Q1 profit rise
Vietnamese conglomerate Masan Group has posted a rise in first-quarter profits in part thanks to an improved performance from its consumer goods arm.
Pro-forma net profit for Masan's consumer division was up 89.6% to VND596bn (US$28m) as a result of higher revenues and gross margins.
Sales in the consumer business increased 48.3% to VND2.28bn. The group attributed the rise to "robust sales of instant noodles brands" and a "good consumer acceptance" of the breakfast brands.
Net profit for the group was up 12%. EBITDA for the group was also up at VND385bn versus VND88bn for the same period last year.
Private-equity group KKR owns a stake in Masan's consumer unit.. KKR acquired a 10% stake in Masan Consumer in 2011 and doubled its investment last year.
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