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PIT: Resolution of the BOD
Petrolimex International Trading Joint Stock Company (PITCO) has informed of resolution of the BOD as follows:
1. Business result in the first 9 months 2008:
* Sales: VND1,388 billion, gaining 82% of the year plan.
* Profit before tax: VND36 billion, gaining 80% of the year plan.
* Owner’s equity: VND245 billion, increasing 8% compared to the same period 2007.
* Total assets: VND492 billion, increasing 33% compared to the same period 2007.
2. Approving of adjusting profit before tax 2008:
* Due to global recession and domestic economic slowdown, the BOD has decided to change profit before tax 2008 from VND45 billion to VND30 billion and required the Director General to deduct for the devaluation provision of inventory as stipulated.
3. Approving of investment and development plan for Q4/08
1. Gaining sales for 2008, especially as in Q4/08 as follows:
* Sales in Q4/08: VND312 billion, in which export reaches at least 51% of the total sales of the whole year.
* Profit in Q4/08 could be compensated for the devaluation provision of inventory (about VND10 billion).
In order to achieve the above objectives, the company will push its business, especially as increase of export turnover; prepare solutions to deal with the current unstable market.
2. Investment and development:
The project of the Petrolimex Painting Factory: the company will contract the project out to the appropriate contractor. The contract includes construction of factory, fitting up transformer station of 1000KVA, equipping lab, planning marketing strategies, setting distribution system….
4. Approving of business result in the first 9 months 2008.
5. Approving of setting up the branch of Petrolimex Import – Export Joint Stock Company No.1 in the PITCO Steel Store No.1 at Thu Duc Dist., HCMC.
6. Approving of setting up the branch of Petrolimex Import – Export Joint Stock Company No.2 in the PITCO Steel Store No.2 at Binh Tan Dist., HCMC.
7. Approving of business plan 2009:
* Total sales: VND1,540 billion
* Profit before tax: VND33 billion (increasing 10% compared to 2009)
* Dividend pay-out ratio: 15% per year
8. Approving of result of the project of Tan Uyen Agricultural Factory:
After 3 years of construction, the Tan Uyen Agricultural Factory in Binh Duong Province has become the complex of warehouse, process, storage of exporting products with total investment cost of VND11.604 billion and using area of 10.965m2/18.765m2. There are 4 storehouses with area of 4.800m2, processing system of ASTA pepper with capacity of 3-5 tons per hour……
9. Approving of amending and supplementing regulations of the Petrolimex Hanoi Import Export Co., Ltd., the Petrolimex Bình Dương Import Export Co., Ltd. and appointing BOD members as follows:
1. Petrolimex Hanoi Import Export Co., Ltd.
- Mr Tran Ngoc Chau-Director General and Chairman of BOD: Chairman of the member board
- Mr Tran Xuan Lai – Head of Sales Department of PITCO: member
- Mr Vu Van Cung – Deputy Director General of PITCO: member
2. Petrolimex Bình Dương Import Export Co., Ltd.:
- Mr Ha Huy Thang - Deputy Director General and BOD member: Chairman of the member board
- Mr Nguyen Ngoc Hung - Deputy Director General of PITCO: member
- Mr Tran Viet Binh - Deputy Director General of PITCO: member
Hose
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