On February 5, Danang Rubber Joint Stock Company (HOSE: DRC) received a penalty decision for administrative tax violation from Danang Tax Department. The company was fined over 596 million VND, including more than 439 million VND for incorrect declaration resulting in a shortage of corporate income tax and over 157 million VND for incorrect declaration resulting in a shortage of value-added tax to be paid.
DRC is required to rectify the consequences by fully paying the tax amount declared incorrectly to the state budget, including nearly 2.2 billion VND for corporate income tax and nearly 786 billion VND for value-added tax, totaling nearly 3 billion VND; the late payment on the shortfall amount is over 285 million VND.
Therefore, the total amount of tax arrears, fines, and late payment is nearly 3.9 billion VND. The deadline to implement the rectifying measures is within 10 days from the date of receiving the decision from Danang Tax Department.
As for the amount of nearly 3 billion VND that has been paid, DRC is equivalent to the remaining fine and late payment of nearly 882 million VND.
In another development, on February 2, the Board of Directors of DRC approved the plan to organize the Annual General Meeting of Shareholders in 2024, which is scheduled to take place from April 20-30. The final registration date for shareholder list is March 20, 2024. The upcoming Annual General Meeting of Shareholders is expected to discuss and approve various important matters related to the company’s business results in 2023 and the plan for 2024.
On the same day, DRC’s Board of Directors approved the General Director to sign a lease contract for warehouse premises and land within Block H and Block D at Lien Chieu Industrial Park with T&T Group Corporation, under a 5-year lease contract with a 5% price increase every 2 years.
Block D has a land area of 4,023.6 m2, with a rental price of 32,050 VND/m2/month. Meanwhile, Block H has a land area of 1,216 m2 with a rental price of 30,050 VND/m2/month, while the warehouse area of 1,500 m2 has a rental price of 45,050 VND/m2/month. All of these prices include VAT.
A corner of Lien Chieu Industrial Park, Danang City
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In terms of business results, in the fourth quarter, DRC recorded a net profit of nearly 96 billion VND, an increase of 19% compared to the same period last year, supported by lower raw material prices and reduced financial expenses. At the end of 2023, DRC achieved a net revenue of over 4.495 trillion VND, a decrease of 8% compared to the previous year (achieving 89% of the annual plan); pre-tax profit decreased by 21% to over 307 billion VND (achieving 93% of the annual plan), and net profit decreased by 19% to nearly 248 billion VND.
DRC has also announced its plan for the first quarter of 2024, with net revenue of 1.16 trillion VND and pre-tax profit of 55 billion VND, corresponding to 104% and 190% of the same period last year.
| Business Results of DRC from 2019 to 2023 |
