Vietnam's HAGL drops to lowest since June 2009 as earnings fall

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HAGL Joint-Stock Co., Vietnam's second-biggest listed real estate company by market value, on Wednesday tumbled to the lowest level since June 2009 in Ho Chi Minh City trading after posting net profit tumbled in the third-quarter.

The shares slumped 3.1 percent, the most since Sept. 16, to VND28,500, the lowest since June 3, 2009, at the close on the Ho Chi Minh City Stock Exchange Wednesday. The benchmark VN Index rose 0.7 percent, to 412.10.

The company's net profit slid to VND7.3 billion ($348,066), in the third quarter this year, from VND568.3 billion a year ago, according to the company's unconsolidated figures on the exchange's website. Net income for the January to September period dropped to VND216.2 billion, from VND1.6 trillion a year earlier.

Earnings fell after borrowing costs rose to VND192.7 billion in the third quarter, from VND59 billion in the same period last year, its figures showed.

HAGL, which was the first Vietnamese company to list global depository receipts, or GDRs, on the London Stock Exchange, sold "some stakes in its units and therefore boosted earnings" in the third quarter last year, Doan Nguyen Duc, the company's chairman said in a telephone interview, without elaborating.

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