LDG Investment Joint Stock Company (code: LDG) has just announced its consolidated financial report for the first quarter of 2024 with a negative net revenue of more than 130 billion VND. Although sales revenue reached more than 10 billion VND, while in the same period, it was only 709 million VND, in the first quarter, LDG’s returned goods sold reached more than 140 billion, resulting in negative revenue. LDG had a gross loss of 69 billion VND.
After deducting expenses, LDG’s loss before tax was nearly 126 billion VND and loss after tax was nearly 125 billion VND, while in the same period last year, the loss after tax was 70 billion VND.
With the loss in the first quarter, LDG has accumulated a loss of 7 billion VND. As of March 31, 2024, LDG’s total assets were at 7,200 billion VND, a decrease of 68 billion compared to the beginning of the year. Total debt at the end of the first quarter was 4,608 billion VND, of which, total borrowings were 1,329 billion VND. Owner’s equity was at 2,592 billion VND.
Previously, regarding the violation of LDG Company at Tan Thinh Residential Area Project, up to now, the Investigation Police Agency of Dong Nai Provincial Police has prosecuted and detained 2 suspects who are leaders of LDG Company for the crime of “deceiving customers”, namely Nguyen Khanh Hung (45 years old, Chairman of the Board of Directors, legal representative of LDG Investment Joint Stock Company) and Nguyen Quoc Vy Liem (45 years old, former Deputy General Director of LDG Investment Joint Stock Company)
Tan Thinh Residential Area Project in Doi 61 commune, Trang Bom district, Dong Nai province, although not yet allocated land, LDG Investment Joint Stock Company has organized the construction of 680 houses and sold them to 60 customers, earning more than 132 billion VND.
After the incident, LDG said that the incident only related to the Tan Thinh residential project in Dong Nai, not to other projects that LDG is investing and developing. Mr. Hung’s incident will not change or affect LDG’s plan, strategy, production and business, investment activities. The company is still operating normally, business activities, customer service, and transactions with partners are still being carried out. The Board of Directors has arranged personnel to handle requests, provide information related to the incident, to ensure that the Company’s operations are in line with the approved plan and goals.
