Wednesday, April 8 2020

VietNamNews

Textile and garment firm sets higher earnings targets for 2020

Update: March, 13/2020 - 07:23

 

A Century Synthetic Fiber Corporation factory. The company wants to raise its total earnings in 2020 by 9-13 per cent. — Photo baodautu.vn

HÀ NỘI — The Century Synthetic Fiber Corporation (HoSE: STK) is targeting a 9-13 per cent annual increase in total revenue and post-tax profit for 2020.

Revenue and post-tax profit in 2020 are expected to reach VNĐ2.56 trillion (US$110.3 million) and VNĐ235 billion, respectively.

The company last year earned VNĐ2.23 trillion in total revenue, down 7.4 per cent on-year.

Post-tax profit jumped a fifth to a record high of VNĐ214.5 billion in 2019.

The company also plans to pay a 15 per cent cash dividend, meaning every shareholder will receive VNĐ1,500 per share.

STK also wants to issue 3.54 million new shares at a rate of 100:5 to increase charter capital.

It means each shareholder will have five new shares for every 100 shares they have.

Charter capital is expected to reach VNĐ743 billion after the issuance.

The company will hold its annual shareholders’ meeting on March 26 in HCM City to discuss these issues.

STK has more than 70.7 million shares on the Hồ Chí Minh Stock Exchange.

Its shares tumbled 6.9 per cent to end Thursday at VNĐ14,250.

The company has lost a total of 25 per cent since February 25. — VNS

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