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PNJ - NON RATED - 2012 a tough year - AGM Note

On 14 April 2012 we attended the AGM of Phu Nhuan Jewellery (PNJ). Below are some key take away from the meeting: FY2011 robust performance – The top line and bottom line for PNJ grew strongly by 30.6% and 21.3%, respectively. The main contributor to sales growth was gold bar trading (up 102.7%), which represented over 47% of FY2011 consolidated net sales at VND 17,964 bn. Gold and silver jewellery also saw high growth of 22% and 36%, respectively, accounting for 20% and 1% of sales.