Vietnam's PVI Holdings sees 2012 gross profit up 55.6 pct: report

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Vietnam's PVI Holdings has projected its gross profit next year will jump 55.6 percent from 2011 to VND700 billion ($33.3 million), a local newspaper reported on Wednesday.

Its gross profit would hit 450 billion dong this year, exceeding its annual target by 7 percent, Chief Executive Officer Bui Van Thuan was quoted in the magazine Dau Tu Chung Khoan as saying.

The higher profit next year is projected as revenue is expected to rise by a quarter to VND6.5 trillion from VND5.2 trillion expected this year, Thuan was quoted as saying.

The projected 55.6-percent rise in profit next year is faster than this year's profit growth of 34 percent, as PVI Holdings expects to boost its core business in the insurance sector and expand coverage to overseas markets, the report said.

PVI shares were trading down 1.66 percent at VND17,800 apiece at 0310 GMT on Wednesday.

PVI Holdings, a Hanoi-listed subsidiary of state oil and gas group Petrovietnam, is 25 percent owned by a subsidiary of Germany's third-biggest insurer, Talanx.

Formerly known as Petrovietnam Insurance Joint-Stock Corporation, the company was restructured in June to form PVI Holdings, which included its non-life insurance business as a subsidiary.

Oman Investment Fund owns 12.6 percent in PVI Holdings, which holds a monopoly on Vietnam's energy insurance market.

The group has a 25 percent share of the country's non-life insurance market, providing risk coverage and insurance for property in the energy and maritime sectors.

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