Vincom Joint-Stock Co., a Vietnamese real estate developer, said 2007 profit fell 22 percent after the company didn’t repeat a one-time gain from the sale of an office building in the capital city of Hanoi.

Net income fell to VND269 billion (US$17 million) from VND344 billion ($21.35 million) last year, the company said Friday.

 “The lower profit in 2007 doesn’t mean that the company failed to meet the planned targets,’’ Vincom said in the statement.

“In fact, the profit in 2006 increased suddenly as we sold a tower for Bank for Investment and Development of Vietnam, known as BIDV, and that’s why profit last year was lower.”

Source: Bloomberg