TYA borrows $7m for business
Friday, August 29,2014AsemconnectVietnam - Taya Vietnam Electric Wire & Cable (coded TYA) has announced the Board of directors’ Resolution on credit loans to supplement the working capital.
Accordingly, the Board of director decided to get a credit loan totalling $7 million (nearly 150 billion dong). Of which, $4 million comes from Taipei Fubon Commercial Bank, the HCM City branch and $3 million comes from Far East National Bank, the HCM City Branch.
Shen Shang Pang, TYA’s Chair of the Board is the guarantor of the loan.
Reportedly, in June, TYA announced the loans worth $5 million from ANZ Vietnam and $6.2 million from Mega International Commercial Bank (Mega ICBC) to supplement the working capital and to import production equipment.
In H1/2014, TYA attained 396 billion dong net revenue and nearly 15 billion dong after-tax profit, a year-on-year increase of 18 percent and 500 percent respectively.
According to TYA, the sharp profit growth was attributed to the increase in Q2′s revenue thanks to the rather stable copper price in Q1 and Q2/2014 compared to the same period of 2013, making the capital cost to decline sharply and resulting in the surge in the gross and after-tax profits.
However, compared to the plan of nearly 1.116 trillion dong net revenue and 35.85 billion dong after-tax profit, TYA has completed only 35 percent and 41 percent respectively.
Closing the trading section on August 25, TYA share rose slightly to 8,100 dong each.
Source: Intellasia
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