“The biggest “blow” after the audited semi-annual financial report season might be for Saigon Joint Stock Corporation (
Specifically, Saigonres’ revenue for the first six months of 2024 decreased by 21%, from VND 77 billion in the self-prepared report to VND 60 billion. Enterprise management expenses also increased by 48% compared to the pre-audit period, to VND 33 billion. As a result, the company turned from a profit of VND 2.4 billion to a loss of VND 23.4 billion.
According to the enterprise’s explanation, the reason for the shift from profit to loss was due to an adjustment in revenue from real estate transfers. This revenue will be transferred to the next period when the conditions for recognition are met. In addition, the management expenses after the audit increased significantly due to the provision of receivables as recommended by the auditors.
Compared to the target revenue of VND 628 billion and after-tax profit of VND 190 billion set for 2024, Saigonres has only achieved 9.6% of the revenue plan and is far from the profit target.
Equally “dire” is Investment Joint Stock Company
Specifically, Moore AISC Audit and IT Services LLC pointed out that LDG Investment’s enterprise management expenses soared by 572.7%, from VND 20.26 billion to VND 136.29 billion, mainly due to the provision amount recorded in the period. This was the main reason for the increase in LDG’s total loss from VND 296.11 billion to VND 396.16 billion after the review.
LDG lost an additional VND 100 billion after the review
In addition, the auditing firm also pointed out some remaining issues of the company, such as the Tan Thinh residential project and the fact that the former Chairman of the Board of Directors is being prosecuted and temporarily detained…
Therefore, the auditing firm stated that there are material uncertainties that may cast significant doubt on the company’s ability to continue as a going concern.
According to the explanation, LDG Investment has been and is working with banks to restructure its debts. Specifically, on July 30, 2024, the company was granted a 12-month debt repayment period extension by Sacombank – Branch of District 11.
In addition, the company is also working with bondholders to agree on a debt obligation extension for the VND 180 billion bond issue, which is expected to be fully paid off when the company repays the corresponding interest amount.
For the Joint Stock Corporation for Investment and Development in Construction (
The company’s pre-tax profit was VND 22 billion, a decrease of VND 26 billion compared to the self-prepared report. Thanks to the deferred tax asset of nearly VND 10 billion (a decrease of VND 8 billion compared to the self-prepared report), the after-tax profit before and after the review remained at nearly VND 4 billion and decreased by 95% over the same period.
In 2024, DIC Corp set a target revenue of VND 2,300 billion, an increase of 72% compared to 2023, and a pre-tax profit of VND 1,010 billion, six times the result of the previous year. Thus, after six months, the company has achieved only 28% of its revenue target and a meager 2% of its profit target.
Meanwhile, Saigon Telecommunications Technology Joint Stock Company (Saigontel) also had to “reduce” profit after the audit. In the first six months of 2024, the company’s after-tax profit decreased by 95% compared to the same period last year, to only VND 2.3 billion.
The main reason for this was a 13% increase in financial expenses compared to the self-prepared report, totaling nearly VND 45 billion. Saigontel explained that this increase was due to additional provisions for investments in accordance with regulations.
In 2024, the ambitious plan of the enterprise owned by Chairman Dang Thanh Tam continues with a revenue target of VND 4,000 billion, an increase of 205.5% over the same period, and a pre-tax profit estimate of VND 450 billion, an increase of 490.5% compared to the performance in 2023.
Saigontel ended the first half of 2024 with a pre-tax profit of VND 21.84 billion, completing 4.9% of its 2024 plan.
Similarly, Energy and
According to the company’s explanation, the decrease in consolidated profit from financial activities after the review was because the auditor only recognized a part of the internal profit that had been eliminated from previous transactions (Truong Thanh Real Estate sold Truong Thanh Island Tourism Joint Stock Company to its subsidiary, 108 Truong Thanh Construction Investment Joint Stock Company), instead of recognizing the full amount as in the self-prepared consolidated financial statements.
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