Real estate firm LDG Investment JSC has targeted raising its total revenue in 2019 by 91 per cent to VND3.3 trillion (US$141.6 million). But this year, forecasts show profits are likely to fall by VND4 billion to VND600 billion.
According to company chairman Pham Khanh Hung, the target profit of VND600 billion was reachable, though it was considered below shareholders’ expectations.
As the market conditions may get worse this year, there was no reasons to set higher goals, Hung told the firm’s annual shareholder meeting on Monday.
The company also planned to make a 25 per cent dividend payout in bonus shares for its performance in 2018, instead of 10 per cent dividend in cash and 15 per cent dividend in bonus shares as approved by shareholders.
The company would issue 47.6 million bonus shares for its 2018 dividend payment, and issue two million ESOP shares for its employees.
The share issuance will increase its capital to VND2.4 trillion from VND1.9 trillion. Additional capital will be used to develop new projects of a larger scale and higher quality over the next five years.
Shareholders at the meeting also approved the firm’s dismissal of Nguyen Pham Anh Tai from the board of directors. The replacements were Luong Tri Thao and Le Van Hung.
The company has more than 190.6 million shares listed on the Ho Chi Minh Stock Exchange with the code LDG.
It ended Tuesday flat at VND14,100 per share.