This was the third consecutive quarterly decline in profits, and was the lowest profit figure in the last four years. Coteccons is a leading company in the construction industry which builds skyscrapers and major factories. It was the main contractor for Landmark 81, the country’s tallest building.

In the first half-year Coteccons’s revenues and pre-tax profits were VND10 trillion ($431.7 million) and VND393 billion ($17 million), down 20 percent and 55 percent respectively.

But since 2018 the rising costs of construction materials as well as increasing competition in the industry have squeezed its margins.

As of Thursday morning, Coteccons’s shares were trading at VND105,100 ($4.54) on the Ho Chi Minh Stock Exchange (HoSE), down over 6 percent compared to the previous session. The shares were trading for over VND200,000 ($8.63) in January 2018.