Petrolimex reduces 2011 target

Petrolimex Corporation (PLC) has approved business plans in 2011, with VND5.15 trillion (US$245.2 million) in revenue and VND241 billion ($11.4 million) in pre-tax profit, both down 0.9 per cent against last year’s figures. Dividends will be paid by shares at a rate of 15 per cent, compared to 25 per cent in 2010.

“Cash dividends will decrease the capital, while we need a lot of bank loans,” said Nguyen Thanh Son, PLC Chairman.

The company plans to make cash dividend payments when it increases its charter capital to VND500 billion ($23.8 million) from the current VND350 billion ($16.67 million).

Tags: Petrolimex

Posted by VBN on May 1 2011. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry