## Apec Land Hue JSC announces financial statements for 2023 with disappointing results, reporting a loss of over VND 19 billion in after-tax profit
*Source: VietstockFinance*
Apec Land Hue JSC has revealed its financial performance for 2023, indicating a decline in business results with an after-tax loss of more than 19 billion VND. This contrasts with the previous two consecutive years, during which the company reported profits.
Consequently, the return on equity (ROE) ratio decreased from 4.58% to -11.5%. As of December 31, 2023, the company’s equity capital stood at nearly 166 billion VND, a 10% decrease compared to the beginning of the period. The debt-to-equity ratio increased from 3.04 to 3.44 times, with over 570 billion VND in payables. The company also had no bond debt at this point.
Despite having no bond debt in 2023, Apec Land Hue JSC still incurred expenses of nearly 370 million VND for interest and principal payments on the HBond_2019.01.50 bond lot.
The company attributed this to objective factors involving foreign investors, which made it challenging to contact them and resulted in delayed bond interest and principal payments.
*Source: Apec Land Hue JSC*
It is worth noting that Apec Land Hue JSC issued two bond lots, HBond-2019.01.50 and HBond-2019.02.50, both with a term of 24 months. The issuance dates were December 20, 2019, and January 15, 2019, respectively, with maturity dates of December 19, 2021, and January 14, 2022. The interest rate for both lots was 11% per annum.
Apec Land Hue JSC was established in August 2010 and operates in the real estate business. It is a subsidiary of Asia-Pacific Investment Joint Stock Company (HNX: API), which holds 99.99% of its capital.
According to HNX data as of May 20, Apec Land Hue JSC has a chartered capital of 169 billion VND, with Mr. Ho Xuan Vinh as its legal representative.
Apec Land Hue JSC is the investor of the Royal Park Hue project, located in Area B of the new An Van Duong urban area in Hue City. The project covers an area of 34.7 hectares and has a total investment of 10,000 billion VND. It comprises nearly 1,000 townhouses, two apartment buildings with approximately 3,000 units, four service complexes, and two mixed-use commercial centers.
*Royal Park Hue Project Rendering*
*Thanh Tú*
