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TRI: Business result in Q4/2008
Sai Gon Beverages Joint Stock Company (TRIBECO) has explained business result in Q4/20908 as follows:
a. Financial investment:
TRI bought KDC shares at the end of 2007 and did repo transaction till December 31st 2008. Thus, in the financial statement in 2007 and Q1, Q2, Q3/2008, the company did not show purchase and deduction for the provision. On 31st December 2008, it deducted for the provision of securities devaluation worth VND13,5 billion.
b. Business operation:
- Loss of investment: the provision of securities devaluation and loss of member company.
In 2008, the Binh Duong Tri Be Co Joint Stock Company lost VND99,8 billion (TRIBECO holds 36% of capital)
- Loss of operation:
+ High loan interest rate: tightening monetary of the government to deal with inflation.
+ Consumption was not high, the factory only produced 30% of its capacity
+ Inputting expenses increased due to inflation
+ Sale expenses were high
+ The provision of bad debt in Q4/08: VND19,6 billion
c. Plan of private placement:
- In 2009, the company plans to issue 25 million shares to three strategic partners including Kinh -Do Investment Co. Ltd., Uni President Co. Ltd. and Binh Duong Tri Be Co Joint Stock Company. - - Total capital is mobilized worth VND125 billion.
d. Business plan:
- The company restructures its distribution channel, builds brand image and key production line, tightens management, and maximizes profit.
- Target of 2009:
+ Sales: VND770 billion
+ Profit after tax: 17 billion
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