The first 9 months of 2016, Parent company surpasses the profit target of the year

In the morning of October 3rd, 2016, Viglacera Corporation JSC held a meeting to review production and business results of the 3rd quarter and the first 9 months of 2016. The meeting also set out a plan to implement main tasks of the 4th quarter of 2016 - the last quarter of the year and the most important period to achieve business targets of 2016. The meeting was attended by Chairman of Board of Directors, Director General, leaders of the Corporation, and representatives from departments of the Corporation.

In the third quarter of 2016, the global economy in general and Vietnam’s economy in particular has seen a stagnant growth, a huge decline in global trade led difficulties and challenges faced by the Corporation to continue in all areas of its operation. However, acknowledging opportunities emerged, Viglacera actively restructured its operation to gain competitiveness, ensuring effective production and business activities. In this regard, the Corporation laid out guidance for each area of business and achieved encouraging outcomes, especially over-target profits gained earlier than expected.

For the first 9 months of 2016, the cumulative profit of the parent company – the most important indicator, reached 104% compared to the 2016 targeted profit adopted by the Shareholder Meeting. There were seven units of the Corporation surpassing the profit targets of 2016, including Binh Duong Float Glass Company, Construction Company, Showers and Faucets Company, Minerals JSC, Dong Trieu JSC, Cau Duong JSC. Other subsidiaries are on the right track to meet their targets as assigned by the Corporation.

Assessing operating results of individual department, overall, all units were on track with monthly and quarterly targets. Production met the need of customers’ orders; product portfolio and designs have been adjusted and diversified to meet market demand. Quality control of input materials has gradually been strengthened. Labor inefficiency has been reduced thanks to further investment in units, focusing on the set plans. Viglacera Float Glass, which operates highly effectively, continues to maintain its focus on revenue and profit targets, making use of lower prices of fuel resources; the quality of white and color glass meets TCVN-TC.EN standard. The cumulative profit of the first nine months reached 173% as compared to the annual plan, with return on sales of 13.3%.

As regards investment: The project of investing in Low-e glass production lines has brought about good results, promoting effectiveness and meeting higher needs of the society. Ongoing projects are on track, including: changing to compressed natural gas (CNG); super white float glass with the capacity of 600 tons/day in Vung Tau; super white rolled glass with capacity of 650 tons/day in Yen Phong; super white rolled glass with capacity of 250 ton/day in Dap Cau; Vai Hai eco resort; My Xuan A premium ceramic; extensive investment in packaging production lines of Packaging and Brake Pads JSC.

For production and business plans of the beginning of the 4th quarter and the whole year, continuing the momentum of the first 9 months, Viglacera resolves to achieve and surpass overall targets assigned by the Ministry of Construction and then adopted by the 2016 Annual Meeting of Shareholders.

Some speeches at the meeting: