The Century Synthetic Fiber Corporation (STK) earned VND323.5 billion (US$14.48 million) as of March 26, achieving 20 per cent of its revenue target, Chairman Đang Trieu Hoa said. Speaking at the company's annual general meeting on March 28, Hoa said the company's total output in March was more than 5,300 tonnes, which was more than the combined total output in January and February. STK expects its output this month to range between 5,800 tonnes to 6,000 tonnes.
He said the recovery of the market in Thailand and Turkey, as well as increased orders from foreign direct investment (FDI) enterprises caused the company's revenue to increase in the first quarter.
STK said the number of orders would continue to recover and stabilise in the second quarter of this year.
The company aims to earn VND1.645 trillion in revenue and VND127.1 billion in after-tax profit this year, 39 per cent and 78 per cent higher than in 2015, respectively.
STK would exploit markets that need high-quality fibres such as Thailand or markets that offer preferential tariffs such as South Korea this year, Hoa said.
Also at the meeting, the management board of STK submitted to shareholders a plan to issue 6.98 million shares to raise capital amounting to VND69.8 billion.
The expected charter capital of the company after the share issue will be VND535 billion.
STK earned VND1.035 trillion in revenue and VND71.3 billion in after-tax profit in 2015.