Joint Stock Company Tien Len Steel Group (code: TLH) has just announced its consolidated financial statements for Q2 2024 with net revenue of VND 1,634 billion, up nearly 33% over the same period last year. The cost of goods sold increased sharply by 42% to VND 1,700 billion, eroding gross profit. Doing business below the cost of goods sold caused Tien Len Steel to lose over VND 66 billion in gross profit, while in the same period last year, it made a profit of VND 38 billion.
In addition, the company also recorded a loss in joint ventures and associates of up to VND 17 billion, while in the same period last year, it made a profit of over VND 300 million.
After deducting expenses, Tien Len Steel reported a post-tax loss of over VND 153 billion, while in the same period last year, it made a profit of over VND 5 billion. This is also the heaviest loss among steel enterprises recorded up to now.
Q2/2024 Financial Statements of TLH
In the first six months of the year, although net revenue increased slightly by 9% to VND 2,895 billion, TLH still recorded a post-tax loss of over VND 152 billion.
As of June 30, 2024, Tien Len Steel’s total assets increased slightly by 2% to VND 4,194 billion. Inventories accounted for 61% with an ending balance of VND 2,568 billion, an increase of VND 155 billion compared to the beginning of the year. Known as one of the listed companies investing in securities trading, TLH’s trading securities had an original value of over VND 43 billion, an increase of VND 40 billion compared to the beginning of the year.
In Q2 2024, the company invested nearly VND 30 billion to purchase new shares of VNDirect Securities (original value of VND 7.7 billion) and some other stocks (not specifically explained). The fair value of the investment in VNDirect shares was only VND 6.3 billion, corresponding to a temporary loss of about 17%.
Q2/2024 Financial Statements of TLH
