PNC: Notice of postponement of the holding of AGM 2021
Phuong Nam Cultural JSC’s divestment of its stake in cinema giant CJ CGV (CGV) is rather unusual, as the cinema chain has been constantly expanding and Phuong Nam’s selling price is remarkably low.
Phuong Nam Cultural Company, the owner of Phuong Nam Book store chain, reported a VND1.4 billion ($60,800) pre-tax loss in the first quarter. Revenues were up 9 percent year-on-year at VND130 billion, almost all of it from retail sales, with film production and book publishing contributing 1 percent. But the company still lost due to high costs. It recorded VND570 billion in revenue and VND6 billion in pre-tax profit last year, down 16 percent and 63 percent. It blamed the steep fall in sales and profits to the impact of the Covid-19 pandemic and fierce competition from online book retailers and foreign-owned bookstores.
The publishing industry has grown significantly, with revenue amounting to more than VND2 trillion (about US$88 million) in 2016, said the Vietnam Publishing Association.