Enterprise

First Construction Materials Firm Posts Q3 Loss, Negative Equity After 13 Consecutive Quarters of Deficit

Operating below cost in Q3, Viglacera Dong Trieu JSC (UPCoM: DTC) continued to report a loss of over 6 billion VND, compared to a loss of nearly 14 billion VND in the same period last year, extending its streak of quarterly losses to 13 since Q3 2022.

Administrator

11 October, 2025

In Q3, Viglacera Dong Trieu recorded net revenue of over 30 billion VND, a slight 1% decrease year-on-year. The majority of this revenue, approximately 26 billion VND, came from the sale of fired clay bricks and tiles, which saw a 14% decline. Despite a significant reduction in production costs, the company still reported a gross loss of nearly 1 billion VND. Total financial, selling, and administrative expenses amounted to over 4 billion VND, a 7% decrease.

After deducting all expenses, DTC continued to incur a loss of more than 6 billion VND, extending its losing streak to 13 consecutive quarters since Q3/2022.

DTC’s Net Profit from Q1/2022 to Q2/2025

According to DTC, the construction materials market in Q3 remained challenging due to the Ghost Month, which led to delays in civil construction projects. Additionally, heavy rainfall and storms in September further reduced consumption below target. High input costs for raw materials (coal, oil, electricity) persisted, while product prices remained unadjusted, contributing to ongoing losses.

To address prolonged losses, DTC announced a restructuring plan for Q4/2025. The company is streamlining production processes, optimizing its organizational structure, and refocusing on high-margin products such as premium bricks, tiles, and decorative items.

In the first nine months, net revenue reached nearly 92 billion VND, a 10% decline; net loss was approximately 19 billion VND, compared to a loss of nearly 30 billion VND in the same period last year.

Source: VietstockFinance

For 2025, DTC targets revenue of 185 billion VND, a 30% increase from 2024, but expects a pre-tax loss of 15 billion VND.

As of September 30, 2025, DTC has accumulated losses of over 106 billion VND, with negative equity of more than 5 billion VND. Total assets decreased by 3% since the beginning of the year to nearly 191 billion VND, primarily consisting of inventory valued at over 79 billion VND, up 9%. Liabilities totaled over 196 billion VND, a 7% increase, with financial debt of 123 billion VND accounting for 63% of total debt, despite a 5% reduction from the start of the year.

Viglacera Dong Trieu is an indirect subsidiary of Viglacera Corporation (HOSE: VGC), holding a 40% voting stake.

DTC shares were delisted from HNX on March 26, 2025, due to three consecutive years of losses (2022–2024), and resumed trading on UPCoM from April 4, 2025. Previously, DTC withdrew from UPCoM on October 29, 2021, to list on HNX from November 16, 2021, with a reference price of 11,300 VND/share. However, during nearly three years of listing, DTC shares traded primarily between 4,000–5,000 VND/share, losing over half their value since the initial listing.

DTC leaves HNX after 3 years, returns to UPCoM at 4,600 VND/share

DTC Share Price Performance Since 2025

Thanh Tú

– 09:06 10/10/2025