Comeco targets 16b dong profit and 12% dividend in 2008

Thursday, May 15, 2008
Comeco Petroleum Materials Joint Stock Co (coded COM) on April 25 reported that it last year earned nearly 2.088 trillion dong in revenue, rising 22% yoy, 15.19 billion dong in after-tax profit, up 24% and a dividend of 15% including 9% in cash and 6% in shares.

Regarding the profit allocation of 2007, the company planned to deduct 759.5 million dong for compulsory financial standby fund, 1.52 billion dong for the reward and welfare fund, 300 million dong for operation fund of director board, and 4.61 billion dong for the firm's investment and development fund.

In addition, Comeco targets to reach 2.55 trillion dong in revenue, 16 billion dong in after-tax profit and a dividend of 12% this year and plans to issue more shares to hike chartered capital.

To pay a dividend of 6% in shares, the company will offer 146,088 shares to key employees with the price of 24,000 dong per share.

During the first quarter of 2008, it reached 695 billion dong in revenue from sales and service provision, jumping 231.3 billion dong or 49.9% year-on-year, 5.006 billion dong in after-tax profit and EPS of 641 dong.

Ending the session on May 12, COM coded share price closed at 36,900 dong per share on a trade of 100 shares changing hands.