A big northern beer-maker has been left with
a hangover after missing its business targets in 2011.
Habeco,
which has an 85 per cent market share in Hanoi and 13 per cent nationally, met
only one of its five business targets set by its previous shareholder meeting.
Specifically,
industrial production, total revenue, total after-tax profit and sales in 2011
reached $86.7 million, $254 million, $30.8 million and $19.9 million, against a
planned $89.7 million, $266 million, $33.4 million and $21.3 million,
respectively.
Only
the average salary was VND10.8 million ($519) per month, up by 5.6 per cent
against a planned VND10.2 million ($490) per month. Habeco general director
Nguyen Hong Linh said 2011 was a difficult and challenging year.
“In
2011, the global debt crisis badly impacted on the domestic economy which
caused financial woes for many enterprises. From early last year, complicated
exchange rate, gold and interest rate fluctuations, plus petrol and electricity
price rises made inflation higher and consumption lower, especially for
beverage products,” said Linh.
In
addition, he said input costs also sharply went up from 10-30 per cent, while
the beverage market competition was more heated. Vietnam Beer-Alcohol-Beverage
Association Ngo Quang Vinh spokesman said Habeco was not the only firm feeling
the heat in the sector.
“Higher
inflation and interest rates have lessened people’s demand for goods such as
beer and alcohol. Meanwhile, advertisements and promotions for beer and alcohol
are restricted,” said Vinh.
Denmark-based
Carlsberg Beer Company is now Habeco’s foreign strategic shareholder with a
17.23 per cent stake, while the state holds a 81.79 per cent stake. Formerly,
Carlsberg proposed the Vietnamese government raise the ownership ratio up to 30
per cent.
Habeco
completed its equitisation to become a joint stock firm in March, 2008 with
charter capital of VND2.31 trillion ($122 million). In 2012, the company plans
to reach a revenue and an after-tax profit of $267.8 million and $32 million,
up 1 and 3.9 per cent year-on-year, respectively.
“Formerly,
a good product was enough to attract consumers. However, with the current
drastic competition, the company’s trend to focus on market development is
good,” Vinh said.
Nguyen Trang | vir.com.vn
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