TTC Hospitality suffered a net loss of over VND 45 billion in Q1 2024. Illustrative image.
TTC Hospitality Corporation (MCK: VNG) has just released its consolidated financial report for Q1/2024, with net revenue reaching VND 160.3 billion, a 15% increase compared to the same period last year. However, higher cost of goods sold led to a significant 33.3% decline in gross profit, down to VND 34.5 billion.
During the period, TTC Hospitality’s financial income increased by 33.3% to VND 5.2 billion. Financial expenses rose by 57% to VND 57.3 billion; while selling and general and administrative expenses remained relatively stable at VND 6.4 billion and VND 21 billion, respectively.
The meager gross profit was insufficient to offset expenses, resulting in a net loss of VND 45.3 billion for TTC Hospitality in Q1/2024, compared to a loss of VND 6.7 billion in the same period last year.
In 2024, TTC Hospitality set a target of VND 760 billion in net revenue and VND 23 billion in pre-tax profit. Thus, with the large loss in Q1, the company is still far from achieving its profit target for the year.
As of the end of March 2024, TTC Hospitality’s total assets reached VND 3,912 billion, a slight increase over the beginning of the year. Short-term receivables increased by 11.3% compared to the beginning of the year, to VND 623.6 billion.
As of March 31, 2024, TTC Hospitality’s total liabilities amounted to VND 2,838.1 billion, an increase of over VND 47 billion compared to the beginning of the year. Of which, total financial debt was recorded at VND 2,323.3 billion, accounting for 60% of total capital.
