Pha Lai Thermo Power Joint Stock Co (coded PPC) recently announced that it would delay dividend payment for the first phase of 2008 due to shortage of profit.
According to PPC, the company’s loans from Japan Bank for International Cooperation (formerly the Export-Import Bank of Japan-Jbic) were affected strongly due to the exchange rate fluctuations between the dong and JPY that reduced the company’s profit in 2008.
Under the resolution of PPC’s shareholders’ meeting, the company will acknowledge the shareholder list closed on October 30 to pay dividend for the first phase of 2008.
Reportedly, on October 30, PPC closed the list of shareholders to pay 3% dividend in cash (300 dong per share) for the first phase of 2008. The payment date is scheduled on November 20.
In Q3, PPC gained 870.867 billion dong in net revenue from sales and service provision, down 3.9% from last year and 221.945 billion dong in after tax profit, up 1.6% from last year, bringing the total figures during the first nine months of the year to nearly 3.004 trillion dong and 793.341 billion dong, respectively with the EPS of 2,432 dong.
For the year 2008, PPC targets total revenue of over 3.638 trillion dong, 693.518 billion dong in pre tax profit and 15% dividend payment. From 2009 to 2012, the company plans revenue of nearly 3.132 trillion dong and minimum dividend at 12% a year.
Ending the trading session on November 19, PPC-coded shares lost 500 dong or 2.13% from previous session to 23,000 dong per share with 161,520 shares changing hands.