Dong Phu Rubber fulfils half of profit target

Tuesday, Sep 03, 2019 15:17

Rubber latex being harvested by workers at Binh Phuoc Province-based Dong Phu Rubber Co, an affiliate of the Vietnam Rubber Group. — VNA/VNS Photo Dinh Hue

Binh Phuoc Province-based Dong Phu Rubber Co (DPR) reported post-tax profit of VND121 billion (US$5.2 million) in the first eight months of this year, 53 per cent of the year’s plan.

During the period, Dong Phu Rubber, an affiliate of the Viet Nam Rubber Group, earned VND343 billion in revenue, 47 per cent of the year’s target.

DPR recorded an eight-month yield of 5,000 tonnes, 41 per cent of the yearly plan. Consumption output reached 5,800 tonnes, 37.5 per cent of the goal.

At the 2019 Annual General Meeting of Shareholders held in April, the firm's Board of Directors approved the plan for revenue and profit in 2019, respectively at VND29 billion and VND230 billion.

The board also signed off on the establishment of a wood processing plant with ​​estimated area of ​​4.5 hectares and investment of VND60 billion, and the establishment of a high-tech agriculture project spanning some 496 hectares.

At the meeting, shareholders agreed on a plan to pay dividend in cash for the second phase of 2018 at a rate of 10 per cent, meaning a shareholder owing one share will receive VND1,000, with an expected payout in October.

DPR's share price has dropped significantly from its all-time peak of VND47,200 per share recorded in early August. At the end of the August 30 session, DPR was traded at VND40,900 per share, a decrease of 15 per cent within three weeks. — VNS

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