Loc Troi Group Joint Stock Company (stock code: LTG) has recently requested the State Securities Commission and the Hanoi Stock Exchange (HNX) to postpone the disclosure of its Q2 financial report and extend the deadline for the release of its 2024 semi-annual reviewed financial statement.
Previously, Loc Troi had sought to delay the release of its Q2 financial report to August 30, despite regulations requiring listed companies to submit their Q2 financial reports by July 31.
As the deadline loomed, Loc Troi submitted another request for an extension, citing unresolved force majeure events as the reason for their inability to disclose their financial report on time.
The group explained that they needed to stabilize their operating capital and focus their human resources on addressing immediate financial matters.
Loc Troi Group requests an extension for the disclosure of its Q2 financial report and 2024 semi-annual reviewed financial statement.
Additionally, Loc Troi’s annual general meeting for 2024 was held later than in previous years, and the company subsequently experienced some personnel changes, including the resignation of key executives. As a result, the company only finalized its audit and review contract for 2024 on August 19.
In mid-July, LTG announced the dismissal of Mr. Nguyen Duy Thuan from his position as General Director. Mr. Huynh Van Thon, Chairman of Loc Troi’s Board of Directors, temporarily took over the company’s operations until a new General Director could be appointed.
In an open letter, Mr. Thon pledged to fulfill all responsibilities and obligations to regulatory authorities, partners, banks, distributors, and farmers once the company’s personnel and business operations stabilized and became more efficient.
On July 22, Ms. Nguyen Thi Thuy, a member of Loc Troi’s Supervisory Board, submitted her resignation. Shortly after, LTG received the resignation of Mr. Johan Sven Richard Boden, a member of the company’s Board of Directors for the 2024-2029 term, who had been elected on June 26.
In his resignation letter, Mr. Boden cited personal reasons for his decision to step down from his position as a member of the Board of Directors, effective August 23.
Notably, Mr. Boden had only been elected to the Board of Directors two months prior. At the age of 53, he held no related parties or shares in Loc Troi. He is currently the General Director of DenEast Vietnam Co., Ltd.
On July 24, Mr. Nguyen My (62 years old) was elected as Loc Troi’s Vice President. Mr. My is also the Chairman of the Board of Directors of Lion Agrevo Joint Stock Company.
In Q1 of this year, LTG reported a net loss of nearly VND 97 billion, falling short of its target profit of VND 50 billion for 2024. This was attributed to the higher growth rate of capital costs compared to revenue, as well as foreign exchange losses leading to increased financial expenses.
In 2023, LTG’s net profit was only VND 16.5 billion, a significant decrease of 96% compared to 2022.
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