KDC achieves 80 percent of profit target on sale of division

                                                        Photo nhipcaudautu.vn

Food producer KIDO Group announced on Thursday it achieved 80 per cent of the year's profit target by the end of the third quarter after selling the remaining 20 per cent of is snack business to a foreign investor.

A financial statement it released last Thursday said profit for the period was worth VND1.19 trillion (US$54 million).

Sales in the first three quarters topped VND1.4 trillion ($63 million), up 30 per cent year-on-year, with the ice cream segment alone contributing VND1.1 trillion ($50 million).

KDC said the segment would continue to grow since a plant in the northern province of Bắc Ninh would begin production next month.

KDC has received approval from the State Securities Commission to buy 65 per cent cent of Tuong An Vegetable Oil Company.

KDC used to be a confectionery manufacturer, but sold its snack business to the US's Mondelez International Company last year to focus on foodstuff production./.

Source: VNS