Vietnamese dairy Vinamilk today (14 April) posted a 35% increase in net income in the first quarter.

For the three-month period, profit before tax reached VND584bn (US$33m).

Total revenues rose 22.9% to reach VND2.11bn for the period and operating profits reached VND420bn.

Last month, rising costs forced Vietnamese dairy Vinamilk to reduce its 2009 profit target.

Vinamilk said it now expects a net profit of VND1.44trn ($84m), a 3.5% drop from its previous forecast.