Agriculture and food products producer Pan Pacific (PAN) reported a consolidated revenue of over 1.12 trillion VND (52 million USD) and a pre-tax profit of 183 billion VND (8.47 million USD) for 2014.

PAN said during its shareholders general meeting on April 24 that though it had not achieved the targeted revenue, it still saw profits surge 31 percent more than expected.

This year, PAN expects 2.5 trillion VND (115.5 million USD) in revenue and a pre-tax profit of 280 billion VND (12.9 million USD), reflecting an increase of 53 percent over 2014.

Chairman Nguyen Duy Hung said if these targets are met, PAN would announce a dividend of 10 percent in cash.
PAN's board of directors also decided to increase the charter capital of its subsidiary PAN Food from 100 billion VND (4.6 million USD) to 1 trillion VND (46.29 million USD) during the meeting.

Also at the meeting, CEO Michael Louis Rosen announced that PAN would change its name from Trans-Pacific Corporation to the PAN Group Corporation or the PAN Group.

Professor Tran Dinh Long, a member of the PAN board, said Vietnam has considerable potential for developing the agriculture industry, as well as the food industry. PAN would not only produce early stage agricultural products, but also sell high quality food that could be readily served at consumers' dining table.
PAN was established in 1993 and has been listed in the local market since 2006.

On April 24, PAN shares closed at 38,300 VND (1.7 USD) each on the HCM City Stock Exchange.-VNA