Cotton Lotus Corporation (CTC) recently announced its financial results for the first half of 2024, reporting a loss of 401 billion VND, a significant increase from the 280 billion VND loss incurred in the same period last year.
The company’s owner’s equity decreased from 6,973 billion VND to 5,264 billion VND. Cotton Lotus currently has payable debts totaling 8,370 billion VND, including bond debt of 4,790 billion VND.
Cotton Lotus Corporation’s Financial Results
Cotton Lotus Corporation is a well-known name in the southern real estate market, owning a string of restaurants and hotels in prime locations in Ho Chi Minh City’s center, such as the Cotton Lotus Saigon Hotel (117-123 Dong Khoi), the 4-star Palace Saigon Hotel (56-66 Nguyen Hue), and the 2-star Cotton Lotus Annex Hotel (61-63 Hai Ba Trung).
Cotton Lotus Corporation was formerly a member of the Saigon Tourism Corporation (Saigontourist) with a chartered capital of 130 billion VND. The company underwent privatization in January 2005 and has since conducted multiple capital increases while reducing state ownership to a minimal level.
Following a change in ownership, the company made headlines with its acquisition of a majority stake in Daeha Joint Stock Company, the owner of the prestigious Daewoo Hotel in Hanoi. Cotton Lotus spent thousands of billions of VND to acquire 51.05% of Daeha’s shares.
During a court hearing in mid-March 2024, Truong My Lan confirmed that Cotton Lotus Corporation is owned by her family and holds 93.6% of the shares in Daewoo Hotel Hanoi. Ms. Lan proposed selling the hotel to pay for the damages in a criminal case.
In terms of business performance, Cotton Lotus Corporation’s revenue remained stagnant at around 14,000 billion VND annually from 2020 to 2023. The company incurred continuous losses during this period, amounting to 1,700 billion VND in 2021 alone.
Cotton Lotus Corporation’s Revenue and Loss
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