DATC posts rise in profit in 2014

DATC posts rise in profit in 2014

The Debt and Asset Trading Corporation (DATC) last year bought debts of 36 businesses, valued at VND825.4 billion (US$38.5 million), posting 52 per cent year-on-year increase.

DATC received debts and assets from 2,468 businesses, worth about VND4 trillion ($186.9 million), during the 10-year period. — Photo baohaiquan

Its total revenue in 2014 reached VND1.03 trillion ($48.1 million), representing a 91 per cent year-on-year increase and 21 per cent higher than the set target. Its posted profit that was 2.54 times higher than of 2013. DATC contributed VND50 billion ($2.33 million) to the State budget.

The corporation said that in the past 10 years, its activities of buying debts and assets from restructured State-owned enterprises have accelerated the change of ownership of companies.

DATC received debts and assets from 2,468 businesses, worth about VND4 trillion ($186.9 million), during the 10-year period.

By the end of last year, DATC had contributed VND558 billion ($26 million) to the State budget during the period. This included buying of assets worth VND440.3 billion ($20.5 million) and collection of debts worth VND20.6 billion ($962,000).

The corporation said that the results achieved from buying of debts in 2014 were a breakthrough.

DATC’s total investment in other businesses was VND1.07 trillion ($50 million) through buying of debts, financial restructuring and capital contribution.

Last year, Prime Minister Nguyen Tan Dung agreed to give an additional VND3.1 trillion ($144.8 million) to the corporation’s charter capital in the 2014-15 period. Of this, VND2.5 trillion ($116.8 million) will come from the Fund for Business Restructuring and Development, while the remaining will come from other resources.

DATC posts rise in profit in 2014 Related image(s)