Friday, October 18 2019

VietNamNews

Sugar company believes 2019 profits won’t be as sweet

Update: December, 18/2018 - 16:15
Quảng Ngãi Sugar JSC (QNS) forecasts its revenue in 2019 at VNĐ8.4 trillion (US$368.8 million) and post-tax profit at VNĐ200 billion. — Photo dautuchungkhoan.vn

HÀ NỘI — Quảng Ngãi Sugar JSC (QNS) forecasts its revenue in 2019 at VNĐ8.4 trillion (US$368.8 million) and post-tax profit at VNĐ200 billion.

Next year’s revenue is a bit higher than this year’s estimate of VNĐ8.35 trillion, according to the company’s resolution published last week.

But 2019 post-tax profit is about one-fifth of this year’s number, which is forecast at VNĐ1.1 trillion.

The firm did not mention the reason for such slump in post-tax profit in 2019.

2018’s expected earnings are up 9.4 per cent year on year in revenue and up 7 per cent year on year in profit.

In the first three quarters, QNS recorded VNĐ6.14 trillion in revenue and VNĐ788 billion in post-tax profit, which increased by 3.5 per cent and 15.2 per cent year on year.

According to the company, reasons for a strong boost in its third-quarter profit included higher sugar production for 2017-18 season, which was 50 per cent higher than 2016-17 season, and the efficient operation of its soybean production line.

In its announcement, QNS management board also passed a plan to make the second-round cash dividend payment for 2018.

This would be made on January 14, 2019 with the payout rate of 5 per cent, meaning each shareholder will receive VNĐ500 for every share he owns.

The company also decides to finalise the list of beneficial shareholders on December 28.

It aims to pay at least 15 per cent cash dividend for 2018 performance.

QNS is trading more than 292.5 million shares on the Unlisted Public Company Market (UPCoM) with code QNS.

The company shares fell 3.2 per cent on Monday to close at VNĐ42,500 per share. — VNS

 

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