TIẾNG VIỆT Jewelry firm PNJ expects 30% profit drop in 2020 following $3.8mln loss in April
Customers view PNJ products in a shop in Ho Chi Minh City. Photo courtesy of PNJ.
Revenue is also expected to decrease by 15% to VND14.5 trillion ($621 million), according to the company’s updated documents prepared for 2020 annual general meeting of shareholders.
In March, the Vietnamese jewelry firm set 2020 pretax profit target to grow by 12% from 2019 to VND1,68 trillion ($72.3 million) and VND19 trillion ($814 million) revenue, up 12%.
The company reported 4-month revenue at VND5.7 trillion ($221.6 million), down 4% and after-tax profit fell 34% to VND320 billion (13.7 million).
Despite profit drop, the jewelry maker plans 2020 dividend at 18%, which is the same with 2019’s cash dividend.
The company also plans to seek shareholders’ approval to raise charter capital to VND2.47 trillion ($106 million) by issuing 22.5 million shares. Shareholders will get one new share on every 10 existing shares, the statement said.
