HCM City (VNA) - Giantsteel maker Hoa Sen Group (HSG) targets revenues of 23 trillion VND (1 billionUSD) for the fiscal year 2016-17, HSG announced at its annual shareholders’meeting, in HCM City late last week.
At the meeting, thecompany also announced its target of an after-tax profit of 1.65 trillion VND (72million USD) for 2016-17.
Total sales for 2016-17will be over 1.57 million tonnes, it said.
For the 2015-16 fiscalyear, HSG posted growth of 130 percent in profit after tax. In detail, thecompany reported it gained more than 1.5 trillion VND (65 million USD) inprofit after tax.
Meanwhile, revenueincreased by 25 percent over the firm’s initial projection, reaching nearly 17.9trillion VND (778 million USD).
Sales grew 22 percent,reaching over 1.2 million tonnes.
Last year, the companyconstructed many projects, including the Hoa Sen plant in Nghe An centralprovince, which will be put into operation this year with a capacity of 1.2million tonnes per year. The plan of expanding Hoa Sen building materialproject in Ba Ria-Vung Tau was started in March last year and will be finishedthis month.
2016 also marks aturning point of HSG as it decided to pour money into the real estate market bybuilding Hoa Sen tower in Quy Nhơn city in the south central province of BinhDinh and a trade centre in Yen Bai province.
At the meeting, HSGdecided to pay a dividend by cash of a maximum of 10 percent per share.
It also said it willissue 3.5 million of shares at the price of 10,000 VND per share to their staffthis year. After the issue, the total registered capital of HSG will increaseto 3.47 trillion VND (151 million USD).
Chairman Le Phuoc Vu sharedwith the meeting that the company is restructuring and HSG will set up jointstock companies in regions.
HSG will be the mothercompany which holds at least 51 per cent of shares in regional companies.
About the Ca Na SteelPlant, Vu said that all procedures between HSG and Ninh Thuan have been doneand the company is waiting for the Government’s decision.
He also added that HSGhas hired three consultant companies from India to analyse the feasibility ofthe project.
During the meeting, HSGreceived the award for best managed company in Asia in the metals and miningsector in a 2016 poll of leading equity analysts by Euromoney magazine.-VNA