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KHA: Resolution of the BOD
Khanh Hoi Import Export Joint Stock Company (KHAHOMEX) has informed of resolution of the BOD as follows:
Total sales in the first 6 months was VND44,691,166,343, increasing 23% compared to the same period last year and gaining 20.06% of plan 2008.
Profit before tax in the first 6 months was VND11,548,750,011, in which deduction for securities investment fund was VND3,190,000,000 and profit before tax was VND8,358,750,011. Projects cooperated with other companies were VND32,830,000,000. Profit after tax was VND6,511,869,267.
Sales of the forest processing factory was VND35,488,859,409, gaining 54% of plan 2008. However, due to increase of material price and salary, the factory lost VND739,177,788 and its profit was VND56,522,401.
Khanh Hoi 2 apartment block: apartments are expected to deliver to customers in December 2008 and January 2009. Profit could reach over VND70 billion.
The office building at 56 Ben Van Don: it is expected to start working at the beginning of 2009 and finish in the mid of 2010.
The company is promoting projects such as the office building at 360 Ben Van Don and join venture with companies belonging to Ben Thanh Corporation.
The BOD has considered issuance of bonus shares as 10% in Q4/08 from share premium account, however, this cannot be done because under the regulation of the Ministry of Finance, this share premium account could be only used after 3 years once the project is completed and put into operation.
The BOD considers to pay dividend for 2008 at least 15%/par value. In August 2008, the company will do procedures to pay dividend in advance for the first time as 5%/par value.
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