Seaprodex, the Vietnam Seafood Corporation – Joint Stock Company (code: SEA on UPCoM), announced that it has received an enforcement decision on tax administration.
Specifically, Seaprodex received Decision No. 90/QD-TD dated November 14, 2024, from the Can Tho City Customs Department – Tay Do Customs Branch, enforcing the administrative decision on tax management by deducting money from the account of the enforced subject at a credit institution.
Tay Do Customs Branch decided to enforce the measure by deducting money from Seaprodex’s account at Vietnam Export Import Commercial Joint Stock Bank – Eximbank Thuan An, Binh Duong province, to collect the remaining late payment amount of VND 853.46 million.
The reason for the enforcement is the failure to comply with the notices regarding the outstanding late payment amount.
As of the end of Q3 2024, the company reported a 16.84% decrease in revenue to VND 152.56 billion; financial income decreased by 62.64% to VND 5.1 billion; profit/loss in associated companies decreased by 27.76% to VND 37 billion; and selling expenses and management expenses decreased by 29.19% and 13.68%, respectively. Consequently, profit after tax decreased by 35.21%, from VND 63.04 billion to VND 40.84 billion.
According to the company’s explanation, the profit decrease was due to reduced revenue in subsidiary companies and lower financial income from bank deposits.
For the first nine months of 2024, SEA recorded revenue of VND 462.7 billion, a 19% decrease compared to the same period last year (VND 571 billion); and profit after tax of VND 143 billion, a 20% decrease compared to the same period (VND 178.5 billion).
As of September 30, 2024, Seaprodex reported cash and cash equivalents of over VND 394 billion, an increase of more than VND 160 billion compared to the beginning of the year, with total borrowings of only VND 82.64 billion, mainly comprising short-term financial debt.
Also, as of September 30, 2024, Seaprodex recorded long-term construction in progress of VND 692.17 billion for the land use right at 2-4-6 Dong Khoi, District 1, Ho Chi Minh City.
The project design for 2-4-6 Dong Khoi, District 1, Ho Chi Minh City, includes the construction of a commercial center, office, and apartment building on this land. However, the project has not been implemented after several years.
At the close of the trading session on November 20, the SEA stock price decreased by 0.4% to VND 40,400 per share.
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