Image: HTG
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On March 11, the Tax Department of Da Nang City decided to impose a fine on Hoa Tho Garment Manufacturing Co., Ltd. for its inaccurate declaration leading to a shortfall in corporate income tax payable in 2022. The administrative fine amounts to nearly 400 million VND. Additionally, HTG is required to pay the missing corporate income tax amount of over 1.5 billion VND and the late payment penalty amounting to nearly 142 million VND.
Thus, the total amount of tax, fines, and late payment that the company has to pay the state budget, according to the State Audit’s recommendation, is approximately 2 billion VND.
The Tax Department of Da Nang City stated that on January 30, HTG had completed the payment of the missing corporate income tax, and on February 6, the company had paid the late tax payment. Therefore, the total amount remaining to be paid by the company is about 400 million VND.
Prior to this, Hoa Tho Garment Manufacturing Co., Ltd. had received 4 administrative fines from the Customs Department of Da Nang City and 1 administrative fine on tax matters from the Tax Department of Da Nang City. All of these decisions were issued in December 2023, with a total fine amount of nearly 66 million VND.
The company has been continuously fined after officially listing more than 36 million HTG shares on HOSE on November 9, 2023. Over the past 4 months, the stock price has increased by nearly 14% to 33,700 VND/share (closing price on March 14).
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HTG Stock Price since listing on HOSE |
In terms of business performance, in 2023, HTG achieved revenues of over 4,000 billion VND and pre-tax profits of nearly 211 billion VND, a decrease of 9% and 41% compared to the previous year, respectively. The company attributed the decrease in revenue to the reduced demand for textile products from customers. The demand and selling prices of the fiber industry continue to fluctuate and have not improved.
However, these results still exceeded the company’s revenue target of 4,500 billion VND and pre-tax profit target of 200 billion VND.
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HTG Revenue and Profit in the past 5 years |
HTG is preparing for the annual General Meeting of Shareholders in 2024. The time and location will be announced later. The ex-dividend date is March 14, 2024.
