IPA Group Investments Joint Stock Co (coded IPA) has passed its business results for 2011 with 43.472 billion dong of revenue and 1.12 billion dong of pre tax profit and had no plan for dividend payment.
According to the IPA’s board of directors, the unsatisfactory performance of subsidiaries in financial service sector has affected the business results of the whole group.
VNdirect Securities Co (a subsidiary with 35 percent stake held by IPA) suffered a loss of 202.9 billion dong, equalling to a loss of 71 billion dong in IPA’s fiscal statement.
In 2012, IPA has set a target of 76.821 billion dong pre tax profit and dividend payment in cash at 10%.
IPA will continue carrying out remaining sections of Nam Phang hydropower plant project, Anvi Da Nang coastal tourism area and investing in subsidiaries and associated companies such as Vietnam National Apiculture JSC and Hoi An Tourist Holding Co.
In its shareholders’ meeting, they also approved a plan to list share on the official market.