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FLC Faros sets 2017 business targets

Released at: 10:50, 06/05/2017

FLC Faros sets 2017 business targets

Photo: FLC Faros

Targets approved at May 5 AGM come on back of handsome business performance in 2016.

by Ngoc Lan

At its annual general meeting on May 5, the FLC Faros Construction Company (ROS) set its 2017 business targets, including VND4.915 trillion ($223.4 million) in consolidated revenue and VND585 billion ($26.6 million) in after-tax profit.

It recorded positive business results last year, with the implementation of investments and the execution of many projects, such as a golf course complex and luxury resort in central Quang Binh province, a golf course complex and luxury resort in northern Ha Long city, and the FLC Sam Son Grand Hotel and FLC Sam Son Lux City in the second phase of the FLC Sam Son eco-tourism urban area project in north-central Thanh Hoa province.

At the end of the 2016 financial year, FLC Faros’s total assets had increased significantly, from VND4.523 trillion ($205.6 million) in early 2016 to VND8.202 trillion ($372.8 million) as at December 31, with owner equity at VND4.929 trillion ($224 million).

Consolidated revenue reached VND3.543 trillion ($161 million) in 2016 and after-tax profit VND470 billion ($21.3 million), up 181 per cent against the annual plan. Earnings per share stood at VND1,136.

Capital construction - the company’ main activity - brought in VND2.402 trillion ($109.2 million) in revenue, an increase of an impressive 204 per cent compared to 2015.

The company plans to pay 2016’s dividend to shareholders in shares at a rate of 10 per cent of authorized capital during the second quarter of this year. The dividend payout for 2017 is expected to be no less than 50 per cent of after-tax profit, in cash and/or shares.

In the plan approved at the AGM, FLC Faros targets consolidated revenue of VND4.914 trillion ($223.3 million) this year, up 38.7 per cent year-on-year, and after-tax profit of VND588 billion ($26.7 million), up 25 per cent.

Its goals are achievable, as net revenue from sales and service increased 37 per cent year-on-year in the first quarter, reaching VD854 billion ($38.8 million). Pre-tax profit also increased 14 per cent, to VND118 billion ($5.3 million).

FLC Faros has announced that it has established subsidiaries in a bid to expand its involvement in real estate items in the golf-resort-villa complex at the Nhon Hoi Economic Zone in south-central Binh Dinh province. It has also purchased a stake and become the investor of an expansion to an eco-tourism complex in northern Vinh Phuc province.

The company is also proceeding with a huge golf-resort-villa-entertainment project on an area of 1,900 ha in central Quang Binh province with total investment of VND13.8 trillion ($606 million). It has also acquired a golf operator to improve capital usage.

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