TTC Land (SCR) has been fined and imposed tax arrears of nearly VND 2.3 billion
The General Department of Taxation has decided to impose administrative fines on taxes for Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land; stock code: SCR) – a member of the Thanh Thanh Cong Group ecosystem (TTC Group) owned by tycoon Dang Van Thanh.
Specifically, TTC Land is fined respectively VND 281 million and VND 44.7 million for incorrect declaration of corporate income tax (CIT) and value added tax (VAT) leading to the shortage of tax payable amount.
The General Department of Taxation also fined TTC Land VND 13 million for incorrect declaration of VAT and CIT, but it did not result in a shortage of tax payable.
In addition, TTC Land is demanded to pay more than VND 1.6 billion in tax arrears (CIT is VND 1.4 billion; VAT is over VND 223 million) and an additional fine of more than VND 328 million for late payment.
In total, TTC Land has to pay nearly VND 2.3 billion. The decision becomes effective from February 6, 2024.
TTC Land is a member responsible for the real estate segment in the TTC Group ecosystem owned by tycoon Dang Van Thanh. Established in 2004 with a registered capital of VND 11 billion based on the consolidation of real estate trading centers of Sacombank, TTC Land officially listed on HoSE with SCR stock code in 2016.
Currently, Ms. Huynh Bich Ngoc (wife of tycoon Dang Van Thanh) is the Chairman of TTC Land’s Board of Directors.
About business results, according to the consolidated financial statements for the fourth quarter of 2023, TTC Land recorded net revenue of over VND 98 billion, a decrease of 3.2 times compared to the same period in 2022. However, the after-tax profit of the company still reached over VND 5 billion, while in the same period of 2022, it was a loss of VND 89 billion.
Explaining the accompanying report, TTC Land said that the decrease in after-tax profit mainly came from the decrease in revenue from real estate transfer due to unfinished handover, while the consolidated financial statements mainly increased from the increase in profit from business cooperation and investment activities.
In the whole year of 2023, TTC Land recorded net revenue of over VND 371 billion, a decrease of 2.5 times compared to the previous year. The after-tax profit for the whole year of the company was VND 15 billion, a decrease of 3.7 times compared to 2022.
As of December 31, 2023, the total assets of TTC Land were VND 10,631 billion, an increase of 9.7% compared to the beginning of the year. Short-term assets were VND 7,532 billion, an increase of 25.5%. Cash and cash equivalents were VND 115 billion, a decrease of 5.7% compared to the beginning of the year. Inventories were VND 3,664 billion, an increase of 32% compared to the beginning of the year.
On the other side of the balance sheet, TTC Land’s payable debt as of the end of 2023 was VND 5,506 billion, an increase of 19.1%. Among which, short-term liabilities were VND 3,677 billion, an increase of 8.7%. The total financial borrowings (both short-term and long-term) were VND 2,994 billion, an increase of 56.8% compared to the beginning of the year.
In the stock market, at the end of the trading session on February 16, SCR stock price was VND 7,440 per share, increasing by 3.62% compared to the previous trading session, with a trading volume of nearly 8 million units.
