Coteccons profits plunge by half, blames higher costs

It blamed the fall on a 10 percent rise in operating expenses.

Revenues were down 28 percent to VND2.57 trillion as many construction projects were delayed due to the Covid-19 pandemic, it said.

It has set revenue and post-tax profit targets of VND17.4 trillion and VND340 billion for 2021, 20 percent and 2 percent up from last year.

To achieve the targets, it has to sign new contracts worth VND21.5-25 trillion this year, according to deputy CEO Michael Tran.

The company and its construction subsidiary Unicorns signed 10 contracts during the quarter worth VND2.5 trillion.