Lotus Joint Stock Company (Lotus Corp) has just announced the company’s financial situation.
Accordingly, Lotus has recorded a decrease in equity of 644 billion to 5,695 billion VND, the debt ratio / equity ratio increased by 2.6 times from 1.14 times to 1.4 times; outstanding bonds / equity increased from 0.75 times to 0.84 times; Lotus’s after-tax profit was a loss of 668 billion dong, an increase of 189 billion compared to the same period (478.6 billion dong); ROE is – 0.12%.
Thus, this is the third year that Lotus has reported a loss. At December 31, 2021, Lotus lost 185.9 billion; in 2022, Lotus lost 442.7 billion.
At the same time, Bong Sen also confirmed that it was late in paying interest and late payment interest of a total of 1,061.5 billion dong for bond lot BSECH2126003 of 4,800 billion dong. This is a bond lot issued on October 15, 2021 and maturing on October 15, 2026. The bond lot has an interest rate of 10.5% per year, with Tan Viet Securities Company (TVSI) being the registrar.
According to the announcement, the interest payable balance for this bond lot as of December 31, 2023 is over 150.5 billion dong. Meanwhile, late payment interest from November 1, 2022 to December 31, 2023 is nearly 911 billion dong. The reason why Lotus Joint Stock Company is late in paying interest and late payment interest is because the enterprise’s account has been frozen.
Previously, on August 30, 2023, at Lotus’s extraordinary general meeting of shareholders, it approved a plan to transfer money to the designated account at the request of the Ministry of Public Security’s Investigation Agency to remedy the consequences of the case related to Van Thinh Phat.
The congress also approved the handling of the company’s assets to fulfill its issued corporate bond obligations. The assets include the capital contribution of Ms. Tran Thi Pho; Daeha Company shares; and the mortgage records of a series of real estate assets (at 55-56 Nguyen Hue – Palace Hotel; 61-63 Hai Ba Trung – Bong Sen 2 Hotel; No. 5 Nguyen Thiep, 93-95-97 Dong Khoi…).
In case the handling of secured assets is not enough to pay for the bond obligations, then other assets belonging to Lotus will be handled to settle the entire bond obligation on condition that all issues related to the handling of assets after being approved by the shareholders still have not been implemented and must wait and be implemented according to the conclusion and handling plan of the Ministry of Public Security’s Investigation Agency.
According to the investigating agency, Lotus is on the list of 762 companies related to Van Thinh Phat.
