Results tabled at Phuong Nam Corporation's shareholders meeting.
The Phuong Nam Corporation (PNC) has presented its business results for 2014 to its shareholders meeting.
Total revenue in 2014 was VND333.2 billion ($15.24 million), a slight fall compared to 2013’s VND334.5 billion ($15.34 million). Gross profit was VND127.3 billion ($5.84 million), profit before tax VND2.8 billion ($128,380), and profit after tax VND2.4 billion ($110,040). In 2013 it recorded a loss of VND43.6 billion ($2 million) after tax.
The plan for 2015 is for revenue to reach VND450 billion ($20.63 million), gross profit VND165.3 billion ($7.58 million) and profit before tax VND10 billion ($458,500). These will be difficult to achieve, according to General Director Nguyen Huu Hoat.
Regarding the results at its joint ventures and investments, profit after tax at Megastar Ltd (where it holds 10 per cent of capital) was VND69.96 billion ($3.21 million), at the Bach Viet Phuong Nam JSC (25 per cent) VND572 billion ($26,226), and at the Book and School Equipment Soc Trang JSC (23.08 per cent) VND861 billion ($39,476).
Cross Junction Investment Pte Ltd has lent $7 million to PNG, with $5 million being transferred on June 26, 2014 and the remaining $2 million transferred on January 5, 2015.
PNG operates mainly in the field of cultural production and media. It is also currently partnering with international firms such as Envoy Media Group (US), Longman (England), Indochina Capital, the Caravelle Fund, and the East Media Holdings Incorporation (EMHI) in operating high-quality cineplexes and exclusively releasing movies.