Gỗ Trường Thành attributes the fluctuation to additional provisions for doubtful accounts. Specifically, as of June 30, 2024, TTF’s allowance for doubtful accounts was adjusted from over VND 33 billion in the self-prepared report to nearly VND 48 billion after the review. This figure has increased by over VND 7 billion compared to the same period last year.
In summary, at the end of Q2 2024, Gỗ Trường Thành recorded a net amount of nearly VND 514 billion in accounts receivable, of which the amount receivable from Vinhomes Joint Stock Company (HOSE: VHM) accounted for nearly VND 172 billion.
This is not the first time that TTF’s profit has shown significant volatility compared to self-prepared reports. Most recently, after the 2023 audit, the company incurred a net loss of VND 134 billion, while the self-prepared report showed a profit of VND 11 billion, due to additional tax penalties and losses from account write-offs and liquidation.
As of June 30, 2024, Gỗ Trường Thành’s accumulated loss exceeded VND 3.2 trillion, leaving only VND 264 billion in equity. Due to the accumulated losses, TTF’s stock remains on the warning list.
In the stock market, TTF shares are currently trading around VND 3,500 per share, a 30% decrease from its peak of VND 5,000 per share in early March 2024.
| TTF Share Price Movement since the Beginning of 2024 |
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