Phuong Nam Culture Joint Stock Corporation (PNC) explained its 2011 audited financial statements as follows:
The firm’s undistributed net profit in 2010 left only VND4.79 billion while the Annual general Meeting (AGM) in 2011 on march 25 approved the dividend payout of VND500/share from the 2010 net profit worth VND4.9 billion. Thefore, the firm had to use the undistributed net profit of the mother company in 2010 to pay dividend.
The fund sparing via profit percentage of each unit exceeded VND699.9 million.
Other decreased amounts during auditing were VND52.7 million.