Cavico Reports Third Quarter Fiscal 2009 Results
November 16, 2009 - 10:36 PM EST
Cavico Reports Third Quarter Fiscal 2009 Results
Backlog Increases to $290.3 Million at September 30, 2009
Nov. 16, 2009 (Business Wire) -- Cavico Corp. (NASDAQ: CAVO), a leading infrastructure development company based in Vietnam, today reported its financial results for the third quarter ended, September 30, 2009.
Total revenues grew 17.0% to $17.2 million in third quarter, from $14.7 million in the third quarter of fiscal 2008. The increase in third quarter total revenues was primarily the result of increased revenue in Civil Construction, which accounted for 87.0% of total revenues and Commercial Activities. On a sequential basis, total revenue increased 23.7% from $13.9 million reported in the second quarter of fiscal 2009.
“As Vietnam’s largest engineering and construction contractor with a national presence servicing almost exclusively public sector clients, our third quarter results reflects the continuing rebound in the country’s economy after last year’s global recession,” said Mr. Ha Quang Bui, chairman and chief executive officer of Cavico Corp. “We are pleased with our robust top-line growth, benefiting from the progress of our Civil Construction projects involving tunnels, ports and highways. The construction boom in Vietnam was in response to the government stimulus. Also, the country’s soaring car ownership has spurred the need for better infrastructure. According to a recent research report by Credit Suisse, Vietnam’s GDP is forecast to grow 5.3% this year and 8.5% in 2010, after averaging around 7.5% each year for the past decade.”
Mr. Bui continued, “Against this favorable macro economic backdrop, Cavico is well positioned with our long history of operations in civil projects and our recent foray into mining and power plant construction. On September 18, Cavico became the first Vietnamese company listed on a U.S. national securities exchange. With a presence on the NASDAQ Capital Market, we are able to gain much more visibility among growth-oriented emerging market investors around the world. We will continue to improve corporate governance and our transparency and focus on creating long-term value for shareholders.”
