Đồng Phú Rubber fulfils half of profit target

 

Rubber latex being harvested by workers at Bình Phước Province-based Đồng Phú Rubber Co, an affiliate of the Vietnam Rubber Group. — VNA/VNS Photo Đình Huệ

HÀ NỘI — Bình Phước Province-based Đồng Phú Rubber Co (DPR) reported post-tax profit of VNĐ121 billion (US$5.2 million) in the first eight months of this year, 53 per cent of the year’s plan.

During the period, Đồng Phú Rubber, an affiliate of the Việt Nam Rubber Group, earned VNĐ343 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 VNĐ29 billion and VNĐ230 billion.

The board also signed off on the establishment of a wood processing plant with ​​estimated area of ​​4.5 hectares and investment of VNĐ60 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 VNĐ1,000, with an expected payout in October.

DPR's share price has dropped significantly from its all-time peak of VNĐ47,200 per share recorded in early August. At the end of the August 30 session, DPR was traded at VNĐ40,900 per share, a decrease of 15 per cent within three weeks. — VNS