Vietnam’s top dairy company, Vinamilk, has said that net profit in the first quarter of 2008 fell 3% to $19.3 million (€12.5m) despite a 33% rise in revenues.

The company did not provide reasons for the fall in earnings from a year earlier. The Ho Chi Minh City-based firm had recently forecast that its net profit would rise more than 18% this year.

The company, the largest on the Ho Chi Minh City exchange with a capitalisation of $1.49 billion (€900 million), plans to list nearly 8.8 million shares overseas this year, increasing its registered capital by 5%.