Some businesses have been asking for shareholders' opinions to reduce their 2023 business plans when the operating situation is difficult. For example, Petrolimex Petrochemical Corporation - Joint Stock Company (stock code PLC) has just announced the content of asking shareholders' opinions in writing to approve the adjustment of the 2023 business plan. Accordingly, this year's sales revenue plan is nearly VND 8,396 billion, down 5.7% compared to the original target and after-tax profit is expected to decrease by 30% compared to the original, down to VND 112 billion.
PLC said that this year, under the impact of factors related to the economic situation, interest rate and exchange rate policies, the company's production and business activities have been directly and significantly affected. Since August, the exchange rate has tended to fluctuate upward, thereby affecting and increasing PLC's financial costs. On the other hand, input costs have always been high while the average selling price of goods during the year has tended to decrease.
Some businesses ask to sharply reduce profit targets in 2023
Similarly, Vietnam Textile and Garment Group (Vinatex, stock code VGT) is also consulting shareholders on adjusting its 2023 production and business plan. Specifically, Vinatex plans to lower its 2023 revenue target from VND 17,500 billion according to the old plan to VND 16,500 billion, down 6%. At the same time, it will adjust its pre-tax profit target from VND 610 billion according to the old plan to VND 370 billion, down 39%. After 9 months of 2023, Vinatex achieved net revenue of nearly VND 12,187 billion and pre-tax profit of more than VND 288 billion, down 14% and 76% respectively over the same period.
Another "big guy", Vietnam Steel Corporation - Joint Stock Company (stock code TVN) also asked shareholders to sharply reduce its 2023 business plan. In particular, it reduced the parent company's pre-tax profit target from VND 52 billion to VND 1 billion. Correspondingly, the profit target decreased by more than 98% while other targets such as parent company revenue and consolidated pre-tax profit remained the same. In the third quarter report of 2023, TNV achieved net revenue of VND 7,947 billion, down 7% compared to the same period in 2022 and reported a loss after tax of VND 172 billion, bringing the pre-tax loss after 9 months to more than VND 431 billion.
Danameco Medical Corporation (stock code DNM) even reduced its revenue target by 23% compared to the old plan, from VND350 billion to VND269 billion. The company forecasts a pre-tax loss of nearly VND42 billion, while the previous plan was for a profit of VND17.5 billion. The company's Board of Directors said it will report on the adjustment of the 2023 business plan and develop a 2024 business plan at the nearest General Meeting of Shareholders.
Or Sao Ta Food Joint Stock Company (stock code FMC) has decided to reduce the total revenue target by 25% to VND 4,870 billion compared to the old plan (VND 5,900 billion). Correspondingly, pre-tax profit decreased by 25% compared to the initial target of VND 400 billion to VND 300 billion. Accumulated in the first 9 months of 2023, the company achieved revenue of VND 3,835 billion and after-tax profit of VND 213 billion, down 11 - 15% compared to the same period last year...
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