HANOI, March 30 (Reuters) - PVFC PVF.HM, the financial arm of state oil group Petrovietnam and 10 percent owned by Morgan Stanley (MS.N: Quote, Profile, Research), forecast its net profit this year would jump nearly eightfold to 400 billion dong ($22.5 million).
Revenue in 2009 was projected to rise 61 percent to 3.9 trillion dong from 2.42 trillion last year, mainly thanks to expected higher lending, the Hanoi-based company said in a statement on Monday.
Earlier this month PVFC said it would lend up to 20 trillion dong under a government-sponsored stimulus package to help businesses cope with the economic slowdown.
Last month PVFC said it posted a net loss of $24 million for the fourth quarter of 2008 against $17.5 million profit in the previous quarter as it made $66 million provisions for investments, mainly in shares, and set aside another $22 million for credit risks.
The company also said it aimed to achieve a return on equity of 6.9 percent in 2009. ($1=17,760 dong) (Reporting by Nguyen Nhat Lam)
http://in.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idINHAN50137120090330
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