Thuận An Timber Estimates 27% Decline in Pre-Tax Profit for First Nine Months

On September 25th, Thuan An Wood Processing JSC (HOSE: GTA) announced its estimated business results for the first nine months of 2025. The company reported total revenue exceeding 197 billion VND and pre-tax profit of 5.5 billion VND, representing a 7% and 27% decline year-over-year, respectively.

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Compared to the 2025 business plan, GTA’s estimated 9-month results equate to nearly 72% of the total revenue target and over 49% of the pre-tax profit goal.

Estimated 9-month business results for 2025 of GTA

Source: GTA

Following the approval of the estimated 9-month results, GTA’s management has outlined the Q4/2025 production and business plan, targeting a total revenue of nearly VND 51 billion and pre-tax profit of approximately VND 2 billion.

Q4/2025 Business Plan of GTA

Source: GTA

Notably, even if Q4 targets are met, GTA will still fall short of completing its 2025 plan. Specifically, achieving Q4 goals would result in cumulative 2025 revenue and pre-tax profit of nearly VND 248 billion and VND 7.5 billion, respectively, equivalent to 90% and 67% of the annual targets.

GTA’s struggle to meet its 2025 business plan is not entirely unexpected, given that its first-half revenue and pre-tax profit declined by 12% and 32% year-on-year, respectively, to approximately VND 121 billion and over VND 3 billion.

The company reported that its central refining plant ceased operations on March 31, 2025, leaving only the Binh Phuoc branch factory operational from Q2. However, the Binh Phuoc branch had to process all unfinished goods transferred from the central plant, many of which were damaged and failed to meet quality standards, requiring repairs and replacements to ensure export quality.

Additionally, rising selling expenses and volatile sea freight rates have disrupted the company’s shipping plans. Some customers have postponed or altered their shipping schedules, posing significant challenges to production line management.

Thuong Ngoc

– 11:35 29/09/2025

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