Many listed companies have recently adjusted lower the dividend rates due to difficulty in business activities, including LCG, PTI, CSG, ITA and VCR.
Licogi 16 Joint Stock Co (coded LCG) has surprised the shareholders in the annual general meeting (AGM) when suddenly changing the contents of the documents that were submitted in the meeting. Previously, according to the documents released before the meeting, LCG would pay 2011 dividend for shareholders with applied rate of 15%, of which 5 percent would be paid in cash and the rest 10 percent in shares. However, in fact, the company had to pay taxes of 66 billion dong from 2007-2008 period. As the results, the 2011 dividend was adjusted to 5 percent ratio.
Similarly, the shareholders of Petroland Joint Stock Co (coded PTL) were also surprised when the company’s adjusted profit doubled from 48.5 billion dong to 128 billion dong due to adjustment in policies. Instead, the company’s 2010 profit was adjusted from 156.8 billion dong to 0.5 billion dong. In addition, there was zero dong in the company’s unallocated profit for 2011 because of the bad effects from recalculation. Previously, PTL had paid 2010 dividend and advanced 2011 dividend for existing shareholders at 4%.
As the results, the company’s dividend rates have been lowered from 18 percent to 4%. At present, the company could not pay 2011 dividend as scheduled previously and announced to delay dividend payment date until the next three months.
Another company, Saigon Cable Joint Stock Co (coded CSG) also had similar situations like the two afore-mentioned firms. According to 2011 business results, the company reported gaining revenue of 277.2 billion dong, pre-tax profit of 12.4 billion dong, fulfilling 31 percent of targeted year plan. Therefore, the company’s leaders decided to lower the dividend rates from 15 percent to 3.5 percent and lower chartered capital to over 53 billion dong.
Tan Tao Industrial Investment Joint Stock Co (coded ITA) also decided to adjust the dividend rates and bonus share allocation from 50 percent to 30%. In details, according to the resolution approved in the latest annual general meeting (AGM), the company released to gain net revenue of 508 billion dong and pre-tax profit of 89.8 billion dong in 2011, equivalent to 17 percent and 11 percent respectively against the previous year.