Leading seafood firm to issue 1:1 bonus
In this article (4)
Major listed seafood exporter Minh Phu Seafood JSC is set to issue bonus shares at a ratio of 1:1.
It is expected to be done this year by capitalizing reserves, and will double the company’s charter capital to VND4 trillion (US$170.9 million).
Minh Phu also plans to pay a cash dividend of VND2,300 per share.
Its revenues in the first six months rose 43% to VND8.7 trillion, but profits fell 15% to VND236 billion due to bad debt provisioning and rising financial costs.
It eyes revenues of VND18.96 trillion and profits of VND1.27 trillion for the full year.
Questions & Answers
Q.What is the primary method Minh Phu Seafood JSC plans to use to issue bonus shares?
What is the primary method Minh Phu Seafood JSC plans to use to issue bonus shares?
Minh Phu Seafood JSC intends to issue bonus shares by capitalising its reserves. This action is expected to double the company's charter capital to VND4 trillion this year.
Q.How did Minh Phu's financial performance in the first six months compare to its full-year projections?
How did Minh Phu's financial performance in the first six months compare to its full-year projections?
In the first six months, revenues rose 43% to VND8.7 trillion, but profits fell 15% to VND236 billion. For the full year, the company targets revenues of VND18.96 trillion and profits of VND1.27 trillion.
Q.What factors contributed to the decline in Minh Phu Seafood JSC's profits during the first half of the year?
What factors contributed to the decline in Minh Phu Seafood JSC's profits during the first half of the year?
Profits for the first six months fell 15% to VND236 billion. This decline was primarily attributed to bad debt provisioning and an increase in financial costs incurred by the company.
Reader pulse
Is Minh Phu's bonus issue a strong strategic move?
22,016 votes so far