Agriculture firm Hoang Anh Gia Lai (HAGL) has predicted 6.33 trillion VND in total revenue and 552 billion VND in pre-tax profit in 2017. (Photo: giaoduc.net.vn)Hanoi (VNA) - Agriculture firm Hoang Anh Gia Lai (HAGL) has predicted 6.33 trillion VND(281.5 million VND) in total revenue and 552 billion VND in pre-tax profit in2017, the company announced at its recent annual shareholder meeting.
Compared to 2016’s performance, the total revenue mark would be1.6 percent lower, but pre-tax earnings would improve from a loss of 1.4trillion VND in 2016.
Main sources of income in 2017 are likely to be fruits (dragonfruits, passion fruits and banana) (2.6 trillion VND), rubber (745 billion VND),cattle for slaughter (1.24 trillion VND) and the real estate project HAGLMyanmar (1.14 trillion VND).
Concerning HAGL Myanmar, HAGL chairman Doan Nguyen Duc said thatthe group would be willing to sell half of its stake in the project if anyinvestors are interested in this asset.
HAGL is seeking partners to offload its stake in the hydropowerplant Nam Kong 3, and the group is proceeding to complete the sale ofhydropower project Nam Kong 2. Both projects are developed in Laos.
In the future, HAGL will increase its ownership in thesubsidiaries to take control of its sub-business units.
HAGL also forecast its profit in the first half of 2017 reached 213billion VND, equal to 40 percent of the year’s plan and lower than expectedfigure as some of the sub units had not operated, thus contributing nothing tothe firm’s earnings.
Duc said that the firm will try to fulfill its 2017 target duringthe second half by achieving 30 percent of the targeted profit in each quarter.
In addition, the company has successfully reduced parts of itstotal loans by selling business units and converting bonds into shares tooffset the burden in its financial health.
According to the group’s CEO Vo Truong Son, HAGL was able toreduce its total loans by 5 trillion VND after selling its sugar arm, HAGL SugarJSC, to Thanh Thanh Cong Group (TTC) in May and issuing 137.5 million shares at8,000 VND per share to convert the 1.1 trillion VND worth of loan agreementmade with the Singapore-based national wealth fund Temasek in 2010.
The 137.5 million shares issued for Temasek are forbidden frombeing traded within one year to keep HAGL’s share price stable, Duc said.
However, the group will not pay dividends for 2017’s performance.Shares of HAGL are listed on the HCM Stock Exchange with symbol HAG, closing onJuly 3 down 4 percent at 9,100 VND per share.-VNA
Compared to 2016’s performance, the total revenue mark would be1.6 percent lower, but pre-tax earnings would improve from a loss of 1.4trillion VND in 2016.
Main sources of income in 2017 are likely to be fruits (dragonfruits, passion fruits and banana) (2.6 trillion VND), rubber (745 billion VND),cattle for slaughter (1.24 trillion VND) and the real estate project HAGLMyanmar (1.14 trillion VND).
Concerning HAGL Myanmar, HAGL chairman Doan Nguyen Duc said thatthe group would be willing to sell half of its stake in the project if anyinvestors are interested in this asset.
HAGL is seeking partners to offload its stake in the hydropowerplant Nam Kong 3, and the group is proceeding to complete the sale ofhydropower project Nam Kong 2. Both projects are developed in Laos.
In the future, HAGL will increase its ownership in thesubsidiaries to take control of its sub-business units.
HAGL also forecast its profit in the first half of 2017 reached 213billion VND, equal to 40 percent of the year’s plan and lower than expectedfigure as some of the sub units had not operated, thus contributing nothing tothe firm’s earnings.
Duc said that the firm will try to fulfill its 2017 target duringthe second half by achieving 30 percent of the targeted profit in each quarter.
In addition, the company has successfully reduced parts of itstotal loans by selling business units and converting bonds into shares tooffset the burden in its financial health.
According to the group’s CEO Vo Truong Son, HAGL was able toreduce its total loans by 5 trillion VND after selling its sugar arm, HAGL SugarJSC, to Thanh Thanh Cong Group (TTC) in May and issuing 137.5 million shares at8,000 VND per share to convert the 1.1 trillion VND worth of loan agreementmade with the Singapore-based national wealth fund Temasek in 2010.
The 137.5 million shares issued for Temasek are forbidden frombeing traded within one year to keep HAGL’s share price stable, Duc said.
However, the group will not pay dividends for 2017’s performance.Shares of HAGL are listed on the HCM Stock Exchange with symbol HAG, closing onJuly 3 down 4 percent at 9,100 VND per share.-VNA
VNA
